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The country's gold and foreign exchange reserves have risen 0.2 percent ($ 9.258 billion) to $ 601 billion in the past week, according to Metal News. According to the Russian Central Bank, this increase is due to the continuation of the process of strengthening reserves and changes in exchange rates.
Russia's foreign exchange reserves include currency, gold, special withdrawal fees from the International Bank for Reconstruction and Development and foreign bonds. In this regard, over the past year, Russia's gold and foreign exchange reserves have grown by 7.5 percent and since the beginning of this year by 5.4 percent. Thus, $ 130.4 billion of Russia's central bank reserves are gold, which grew by 3.4% compared to the same period last month.
Russia is currently the largest buyer of gold in the world and the fourth largest holder of these precious metals. The country has bought an average of 200 tons of gold a year over the past five years. Last year, the country converted $ 81 billion of its dollar reserves into gold and other currencies.
According to the Central Bank of Russia, by the end of last year, the British pound accounted for 6.3% of Russia's total foreign exchange reserves, which is 0.2% less than in 2020. On the other hand, gold rose from 19.5 percent in 2019 to 23.3 percent in 2020. The same thing happened with the Chinese yuan, which rose from 11.4 percent to 12.8 percent.
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