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20 Aug, 2022 09:10

Russia continues to stockpile forex reserves

The country’s gold and foreign currency holdings keep growing
Russia continues to stockpile forex reserves

Russia’s international holdings have reached $580.6 billion as of August 12, according to data published by the country’s central bank on Thursday. Moscow has been boosting its reserves as a shield against sanctions.

The central bank regularly publishes updates on its reserves with a one-week lag. International reserves consist of foreign-currency funds, special drawing rights with the IMF and monetary gold.

Total reserves surged by $5.8 billion from the previous week, the regulator said, noting that the 1% rise was due to a positive market revaluation.

The historical maximum of $643.2 billion was recorded in February 2022.

Russia lost access to roughly half of its foreign reserves in early March after they were frozen by Western central banks as part of sanctions introduced by the US and its allies in response to the conflict in Ukraine.

Despite this, the Russian Finance Ministry said the country would be able to cope with sanctions thanks to its abundant reserves.

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