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Gold And Foreign Currency Reserves Of Russia Fell By 8 Billion Dollars
December 22, 2016 20:00


Gold and foreign currency reserves of Russia fell by eight billion dollars during the week from December 9 to December 16, which is by more than two percent. Their volume now amounts to 379 billion dollars. This is evidenced by the information posted on the Central Bank’s website.

The amount of the reserves has decreased to its lowest level since March 1, 2016, when it stood at 380.5 billion dollars. Following the results of November, the state gold and foreign currency reserves fell by $ 5.5 billion.

In the middle of last year the First Deputy Chairman of the Central Bank Dmitry Tulin said that the Bank of Russia planned to increase the volume of Russia’s international reserves up to $ 500 billion within three to five years. The reserves were used by the Central Bank to maintain the rouble exchange rate. They were spent on foreign currency interventions. In November 2014 the regulator let the rouble float freely and stopped spending reserves.

In early 2014 the reserves reached 510.5 billion dollars. International (or gold and foreign currency) reserves are assets in foreign currency, gold and special drawing rights. They achieved their historical maximum in the beginning of August 2008 - 598 billion dollars.


Author: Anna Dorozhkina

Tags: Russian economy     

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