MOSCOW (Sputnik) — The value of Russia’s gold reserves rose by 5.37 percent to almost $48.6 billion, from the $46 billion in January 2015. The share of monetary gold in its foreign currency reserves rose to 13.18 percent from 11.96 percent.
In January 2015, Russia added 21.8 metric tons to its gold reserves, an equal amount in November, 18.66 tons in October, and 34.2 tons in September. Its gold reserves have been growing steadily since 2007.
Gold is considered to be a buffer against external economic risks after Russia, one of the world’s largest oil exporters, was hit by slumping oil prices in the global market.