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The Central Bank Plans to Increase Russia's International Reserves
June 19, 2017 02:48


The Central Bank is going to increase Russia's international reserves up to 500 billion dollars with favorable economic conditions. This was stated by the Chairman of the Central Bank, Elvira Nabiullina.

According to her, this goal is a long-term guideline, "but only with full confidence in the stability of inflation and stability in the foreign exchange market," said Nabiullina. The floating rate of the ruble has helped to preserve the "airbag", she noted. "We stopped spending gold and foreign exchange reserves. And they even have been increased a little," - added the head of the Bank of Russia.

At the end of April, Russia's gold and foreign exchange reserves rose to a peak level from December 2014 - USD 400 billion. As reported by the Central Bank, by May 26 this year, their volume reached 406.1 billion US dollars. According to Thomson Reuters, the Russian Central Bank is a leading bank in terms of gold reserves growth among the central banks of the world for the fifth year. Last year the regulator purchased 201 tons of precious metal.


Author: Anna Dorozhkina


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