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Russia’s foreign exchange reserves top all-time high, up by over $17 BILLION in August

Russia’s foreign exchange reserves top all-time high, up by over $17 BILLION in August
Russia’s gold and foreign currency holdings have risen to a record high of $618.1 billion as of September 1, according to data published by the country’s central bank.

They grew by $17.1 billion, or 2.9%, since August 1.

According to the regulator, the previous record was registered on August 27, when Russian international reserves amounted to $615.6 billion.

These comprise highly 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 of Russia and the government.

The holdings exceeded a target level of $500 billion set by the regulator in June 2019 and have remained above that threshold ever since. 

In 2020, Russia’s reserves surged by over $40 billion despite the impact of the coronavirus pandemic on the country’s economy, which forced the government to increase spending to support businesses and households.

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

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