Gold News

Russian gold and foreign currency reserves top $400bn

Gold and foreign currency reserves held by the Bank of Russia amounted to $402.2 billion as of May 25th, according to RosBusinessConsulting.

This means that reserves have been increasing for 13 weeks in a row, piling on almost a third (29 per cent) over this period - or $91.12 billion.

The increase could be down to an advance in the country's central bank acquiring more foreign currency on the domestic market. The euro's increase relative to the dollar is another probable factor.

However, Russia has nevertheless not been able to narrow the gap between itself and China and Japan.

China had $1,202 billion in foreign reserves to the end of March, while Japan had $916 billion to the end of April.

Last month Russia predicted that its gold and currency reserves would grow more slowly this year, by around $90 to $95 billion.


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