Bank of Russia prepares for a crisis

The monetary gold stock in the Russian international reserves grew by 9.33 tons, or by 0.42% in July 2019 and as of August 1 accounted for 2 217.68 tons. During the same period, the cost of gold in the reserves grew by 1.64% to $102 bln. The share of gold in Russia’s international reserves grew from 19.35% to 19.61% during the month.

In 2019, the Bank of Russia might repeat its last year’s record in gold purchasing. The gold stock in 2018 grew by 14.9%, or 273.7 tons and was 2,112 tons as of January 1, 2019. On January 1, 2019, the gold in the bank’s ownership was worth $86.9 bln, having grown by 13.4%. The share of gold in the international reserves grew from 17.71% to 18.6% during the year.

The Bank of Russia has been increasing its gold reserves for the past ten years: in 2008, the reserves grew by 11.9% (48 tons); in 2017, the bank added to its assets 224 tons of gold.

Russia ranks third in the world in terms of gold production, behind Australia and China.

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