Russia’s gold and forex reserves climb to record high

Russia’s gold and forex reserves climb to record high

Russia's gold and forex reserves have hit the 487.8 billion dollars mark, breaking a five-year record on 1 April, when the figure stood at 486 billion dollars, according to the Russian Central Bank’s data.

This comes as the bank continued its record-breaking streak of gold purchases into the first two months of 2019, bringing Russia’s total gold reserves to nearly 2,150 tonnes.

Last year, Russia's Central Bank bought up nearly 275 tonnes of monetary gold, in a bid to further replenish the country’s gold and foreign exchange reserves.

Gold already accounts for close to 20% of Russia's total foreign exchange reserves, with the dollar dropping from a whopping 46% of reserves in mid-2017 to 22% in 2019, Sputnik reported.

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