Last month, Russia’s central bank sold about 100,000 ounces of gold from international reserves. This amounts to about 2-3 tons, more precisely, the format of the data provided by the regulator does not allow translation, Interfax notes.
For the first time in recent years, the Central Bank sold gold in July and September, but then the volume of sales, according to the International Monetary Fund, was 10 thousand ounces and 30 thousand. As a result, sales have accelerated since the beginning of the year.
The last time Russia’s gold reserves were reduced was in 2007. And since 2008, the Central Bank has been steadily buying gold. Since 2014, when the sanctions war began, the purchase amount has doubled. In 2018, Russia’s gold reserves became the sixth in the world. In 2020, however, the volume grew by only 0.9 million ounces.
As of January, gold reserves in Russia amounted to 73.8 million ounces. The cost of reserves fell 1.4 percent to $ 136.8 billion.
Earlier, it was reported that in 2020, Russian exports fell by 20.7 percent to $ 88.1 billion, to $ 338.2 billion.
At the same time, the volume of non-source exports of non-energy (NOE) increased unexpectedly. Such indicators were achieved by the increased exports of gold from the country. During the year, Russia exported the precious metal for a total of $ 18.5 billion. This is three times more than in 2019. Gold inclusion in the statistics will make it easier for the government to meet the government’s goal of almost doubling NOE exports by 2024.