Metal Price
Scrap Monster
Gold January 15, 2021 05:30:48 PM

Gold Holdings Surpassed U.S. Dollar in Russian Central Bank Reserves

Paul Ploumis
ScrapMonster Author
By volume, the total gold holdings stood at 73.9 million ounces.

Gold Holdings Surpassed U.S. Dollar in Russian Central Bank Reserves

SEATTLE (Scrap Monster): The Russian central bank declared that gold reserves accounted for approximately 23% of the total foreign exchange holdings as on mid-2020. This is the first time that the value of gold holdings in forex reserves has surpassed the U.S. dollar, said the bank news release. Incidentally, gold is currently the second-biggest component of the bank reserves after the euro.

According to central bank data, the holdings in U.S. dollar dropped to 22.2%. The data usually published with a six-month delay, states that the total euro holdings dipped to 29.5%, while Chinese yuan holdings too were down to 12.2%.

ALSO READ:

Reserve Bank of India Gold Purchases Trebled in H1 FY21

27% of World's Total Gold Reserves are Owned by Three Countries

By volume, the total gold holdings stood at 73.9 million ounces. Between June 2019 and June 2020, the country bought gold worth $4.3 billion. The country had stopped purchasing gold in the month of April last year, so as to boost exports with the aim of bringing in more foreign currency into the country, especially in the wake of oil price crash. The unprecedented jump in value of gold holdings is due to the surge in prices of gold during this period. The gold prices had appreciated by 26% over the one-year period.

The Russian administration has been trying to cut exposure to U.S. assets over the past several years.

SM Newsletter
Subscribe to SM mailing list and get updates to your inbox
Facebook Twitter Linkedin Instagram