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19 Dec, 2021 09:34

Russia saving gold & kopeks for rainy day

Russia saving gold & kopeks for rainy day

Russia’s forex reserves have surged $2.7 billion in the week through December 10, with total holdings amounting to $622.8 billion, according to data revealed by the country’s Central Bank.

The latest growth came amid the planned purchases of foreign currencies and a positive market reassessment, the regulator said.

In 2020, Russia’s gold and foreign currency reserves saw substantial growth of 7.5%, and totalled $595.8 billion.

READ MORE: Investment guru forecasts date of US dollar demise

Last month, the deposits reached a record high of $626.3 billion, marking weekly growth of as much as $4.1 billion.

The Central Bank has managed to double its reserves over the past six years after they plunged to $356 billion in 2015. The government had to spend around $250 billion to bail out the economy during the 2014 oil price crisis.

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