Share and cost of gold in international Russia's reserves have reached record levels – 29.8% or $179.6 billion, ranking fifth in the world. RIA Novosti reports this. It is clarified that this is the maximum figure since 2000.
According to experts, the increase in the share of the precious metal was facilitated by rising prices for it – since January they have increased by 20%. Experts say that the increased demand for gold is due to the fact that central banks are diversifying their reserves in the face of challenges and trade wars.
The head of one of the Russian banks said that the precious metal allows Russia not only to maintain macroeconomic stability and not devalue the ruble, but also earn money. In his opinion, making money on gold will help circumvent the sanctions imposed on the Russian Federation. Also, the expert emphasized, the presence of the precious metal increases the status and independence of the state in the international arena.
The high share of gold in reserves, the agency writes, ensured Russia’s place among the countries holding monetary gold. Currently, the list includes the USA, Germany, Italy, France.
Economists previously told MK how many years Russia will have enough financial reserves.