Russia Adds Nearly 22 Tons of Gold To Reserves In January
Last week The Russian Central Bank reported that they had added an additional 21.77 metric tonnes of gold (700,000 troy ounces) to their reserves in January. It was the third month in a row that Russia added 21.77 tonnes of gold to its reserves.
The chart below shows monthly gold additions to Russian gold reserves in 2015.
With the addition of January’s 21.77 tonnes of gold, Russia’s total gold reserves are at 1,437 tonnes– the sixth largest gold hoard among nations, behind the United States (8,133.50 tonnes), Germany (3,381 tonnes), Italy (2,451 tonnes), France (2,433 tonnes) and China (1,778).
Russia is the third largest gold producer in the world and has been buying much of its approximatley three hundred tonnes of annual gold mining production each year.
Russia: Building its Foreign Reserves
Overall Russian foreign reserves have also been increasing over the past year. As of mid February 2016, Russian reserves stood at approximately $382 billion. Russia’s top central banker Elvira Nabiullina has indicated that Russia intends to grow its reserves to $500 billion in the coming 5-7 years.
Sources: Russian Gold Reserves: The Central Bank of the Russian Federation; Russian U.S. Treasury Reserves – United States Treasury Department.
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