icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
24 Dec, 2020 15:27

Russia’s weekly gold & foreign currency reserves jump by $6.5 billion

Russia’s weekly gold & foreign currency reserves jump by $6.5 billion

Russia’s foreign exchange holdings rose by over one percent in one week to reach a total of $593.6 billion, according to the latest central bank data.

The growth seen between December 11 to December 18 was supported by “positive exchange rate revaluation and higher gold prices,” the Central Bank of Russia said in a statement on Thursday. The increase came after the country’s weekly forex reserves fell $0.6 billion earlier this month, according to the official statistics.

Also on rt.com US sanctions may lead to dollar’s demise, Russian central bank warns

Russia has continued to boost its international reserves this year despite increased budget spending triggered by the coronavirus crisis. Given the latest increase, gold and foreign currency holdings rose $37.6 billion since January 3, when they stood at $556 billion.

Russia’s national forex reserves comprise liquid foreign assets, including stocks of monetary gold, foreign currencies, and Special Drawing Right (SDR) assets, which are at the disposal of the central bank and the government. The current level of holdings is higher than the target of $500 billion set by the regulator.

For more stories on economy & finance visit RT's business section