Russia’s Gold Stockpiles Hit $100bn Amid Efforts to De-Dollarise Reserves

Date: 27 July 2019 - 21:53

News ID: ۶۸۶۲۵

Moscow (RT) - Russia’s bullion holdings totaled 2,208 tonnes, the Central Bank of Russia (CBR) reported, estimating the value of its gold reserves at $100.3 billion as of 1 July.
In June alone, Russia added 18 tonnes of the precious metal to its mountain of gold, keeping up with the recent efforts to de-dollarize its foreign exchange reserves.
Moscow has increased its stockpiles of the precious metal by 96.4 tonnes since the beginning of the year. In May, April and March, more than 6, around 16, and 18 tons respectively were purchased. However, February still holds the record with 31 tonnes added to the gold reserves.
The 2018 shopping spree, however, exceeded this year’s tempo with Moscow purchasing a record-breaking 275 tonnes in 2018, making it the largest amount of gold bought in a single year, the World Gold Council concluded.
Increasing its bullion holdings, Russia is also decreasing its share of U.S. Treasury securities. Russia’s U.S. debt stocks dropped to $12.024 billion, which is the lowest level since May 2007. These reserves sank 85%, dropping from $96.9 billion to $13.2 billion just last year.