20:48 GMT +3 hours29 July 2016
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Russia Adds $6 Billion to Its Gold Reserves in a Week

© Sputnik/ Pavel Lisitsyn
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Since the beginning of March, Russia's gold and foreign exchange reserves have increased to nearly $370 billion.

The value of Russia’s gold reserves rose by $5.8 billion, from $381.1 billion to $386.9 billion, between March 11 and 18, according to the Russian Central Bank.

In seven day, Russia increased its gold and foreign exchange reserves by 1.5 percent. From March 1, the reserves rose by 1.7 percent, from $380.5 billion.

They include securities, foreign exchange cash, special drawing rights of the IMF, monetary gold, and a number of other assets.

In mid-December 2015, the Russian Central Bank announced that it would increase Russia’s gold reserves to $500 billion in the coming three-five years. The terms would depend on macroeconomic scenarios the government is going to implement.

Gold is considered to be a buffer against external economic risks after Russia, one of the world’s largest oil exporters, was hit by a slump in global oil prices.

Gold reserves were used by the Central Bank to support the ruble exchange rate. In November 2014, the bank allowed the ruble to trade freely and stopped spending the yellow metal. In November 2014, the value of Russia’s gold reserves reached $510.5 billion.

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gold reserves, economy, ruble, Russian Central Bank, Russia
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  • teddy j
    wonderful news.

    russia should also FIRMLY order the central bankers -- that they will have to truly work towards russia's interests and NOT those of ''global private investors" they seem to be too concerned about .

    RUSSIA , imo, needs to NATIONALIZE the central bank -- and only the government should be able to issue money == as sovereign credit. NOT the russian central bank so long as it is ruN AS A private bank NO MATTER how good naibullina or others are.
  • megargy
    While poor US doesn't have any Gold thinking by Full Spectrum Military Dominance (which is in tatters) they can win economically !
  • megargyin reply toteddy j(Show commentHide comment)
    teddy j, You are spot on & maybe soon we might see the Russian Central Bank & the Ruble nationalised ?
  • cast235
    It should go to 1 trillion. Now, Russian notes could be secured. A guarantee of paying with GOLD. Or a gold security.
    Then Russia MUST secure the gold until maturity and securities paid. how much gold?
    Enough to produce the interest of the Euro bonds. And accumulate the bond cost itself to be rendered at maturity. Without selling the gold. Central bank could oversee the process.

    Then announce to where Russia is welcome. CIS, EEU, Caspian, SCO, BRICS, and others. west should be ditched.
    Who will lose? Russia?
  • Good. just continue. While Federal Reserve, Goldman Sachs, US government crush Gold price via criminal futures market, just to show how awesome US economy is, Russia and China shuld use any opportunity to buy physical metal and free and liberate US from it, forever, while leaving only fake financial system and fraudulent money. US doesn't even have any gold left. on comex every physical ounce is covered by way over 500 fake paper oz of gold. 500 people think they own gold while only one has it. Fraud of astronomical proportions.
  • I am always amazed to see how dumb the world is to accept us dollars.. for anything. The world is producing, selling their blood and sweat, selling their resources, food, labour,... for what? for dollars, that have no backing, have no value, fully digitalized, there is even not paper any more.. it is just computer, controlled by Fed.
  • michael
    another good news item.
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