Russia’s Gold Reserves Fall to Lowest Level Since 2020
The Central Bank of Russia continues to sell gold from its reserves, with its holdings falling to their lowest level in more than six years by the end of July. According to Bloomberg , citing data published by the Russian Central Bank, the country’s gold reserves have fallen by 1.6 million troy ounces since the beginning of the year. As of August 1, Russia held 73.2 million ounces of gold — the…
Russia's Central Bank has reduced its gold reserves to their lowest level since January 2020, according to reports from Bloomberg and UATV English. The country's gold holdings decreased by 1.6 million troy ounces by the end of July, with Russia now holding 73.2 million ounces. The value of the Central Bank's gold holdings dropped by $33.7 billion during the first seven months of the year.
Historically, the Russian Central Bank was the world's largest state buyer of gold, purchasing significant amounts of domestic gold. However, the bank suspended purchases in early 2020 and has not resumed large-scale purchases since, despite a promise in 2022. Instead, the Central Bank has been reducing its gold reserves, coinciding with the Finance Ministry's sale of gold and foreign currency from the National Wealth Fund to address a growing budget deficit due to declining energy export revenues.
Written by urgent.news from UATV English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
