Russia has the fifth-largest gold and foreign currency reserves in the world.
“As of September 1st, Russia’s international reserves totaled $618.2 billion.” This is a first – such indications have never been obtained before in the history of the Bank of Russia. The quantity of reserves has increased by 235 billion US dollars since the beginning of 2015, according to a recent report by the Accounts Chamber.
According to the agency, Russia’s gold reserves have expanded significantly in recent years, rising from 7.8% at the beginning of 2014 to 23.3 percent by December 2020.
Russian reserves contain special drawing rights (SDRs), a reserve currency provided by the International Monetary Fund, in addition to gold and foreign money (IMF). The quantity of SDRs held by Russia has also “grown dramatically from $7 billion to $24.6 billion,” according to the report. The most recent rise in SDRs owned by Russia occurred at the end of August, when the International Monetary Fund (IMF) announced the allocation of a record $650 billion in special drawing rights among its member countries. The amount received by Russia was $18 billion.
The Russian Central Bank’s work in managing reserve assets by ensuring their safety, liquidity, and profitability has been lauded by the Account Chamber.
The agency also gave the central bank and the government recommendations for improving the legal governance of the country’s international reserve management system.
The Bank of Russia and the government have access to Russia’s international reserves, which are highly liquid foreign assets. Monetary gold, special drawing rights (SDRs), an IMF reserve position, and foreign exchange money are all examples of reserves.
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