Russia’s gold reserves exceed $200 billion for first time
Russia’s gold reserves have reached an all-time high of $207.7 billion, according to data released by the Bank of Russia. This marks a significant increase in the nation’s gold holdings as a percentage of its total international reserves.
In October, the share of gold in Russia’s international reserves rose to 32.9%, up from 31.5% in September. This represents the highest proportion of gold in Russia’s reserves since November 1999, when it stood at 34%.
Historically, the largest share of gold in Russia’s reserves occurred on January 1, 1993, when it peaked at 56.9%. In contrast, the lowest proportion was recorded in June 2007 at just 2.1%.
Despite the notable rise in gold reserves, Russia’s overall international reserves saw a slight dip. The total reserves decreased marginally from $633.7 billion in September to $631.6 billion in October.
Analysts suggest that the increase in gold reserves reflects Russia’s efforts to diversify its foreign exchange holdings amid ongoing geopolitical and economic challenges. The country has been accumulating gold as part of a broader strategy to reduce its reliance on the US dollar and other Western currencies.
The growth in gold reserves comes at a time when Russia continues to face international sanctions, and there is growing concern over the stability of the global financial system. The country’s central bank’s strategic shift towards gold underscores the growing importance of precious metals in global finance.
