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28 May, 2021 08:02

Russia’s foreign exchange reserves reach record $600 billion

Russia’s foreign exchange reserves reach record $600 billion

Russia’s gold and foreign currency holdings hit a record high of $600.9 billion after a gain of more than 1% week-over-week, according to data published by the country’s central bank.

“Foreign exchange reserves rose by $7 billion, or 1.2%, over a week through May 21, and totaled $600.9 billion,” the regulator reported.

Russia’s international reserves include highly liquid foreign assets like stocks of monetary gold, foreign currencies, and Special Drawing Rights assets, which are at the disposal of the Central Bank of Russia and the government.

The regulator had previously set the target level for forex reserves at $500 billion. The assets have remained above the fixed level since June 2019.

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Last year, Russia’s foreign exchange reserves grew 7.5%, reaching $595.8 billion as of January 1, 2021.

The central bank has been steadily diversifying the country’s international holdings, cutting its share of US dollars in favor of gold and other currencies.

The latest rally in gold prices pushed the country’s forex reserves to the $600-billion level for the first time since last August. The previous all-time high of $598.1 billion was recorded in August 2008, before the global financial crisis.

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