At war, yet gold reserves hit a record
Despite the effects of the ongoing war with Ukraine, Russia has recorded a historic increase in its gold reserves.
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In November, Russia's gold reserves exceeded 300 billion dollars for the first time, reaching 310.7 billion dollars. With this increase, the share of gold in the country's international reserves rose to 42.3 percent.
According to data from the Central Bank of Russia, international reserves, which stood at 725.8 billion dollars on November 1, rose to 734.6 billion dollars as of December 1. The increase in gold reserves during this period was notable.
IT HAD DECLINED AT ONE POINT
In 2007, the share of gold in Russia's reserves had fallen to as low as 2.1 percent. However, in recent years, with the rise of geopolitical risks and central banks stepping back from tight monetary policies, the price of an ounce of gold has begun to rise. Currently, an ounce of gold is trading at 4,230 dollars.
Despite Western countries restricting the Central Bank of Russia's access to its reserves due to the war in Ukraine, this increase in Russia's gold reserves is drawing attention. International reserves consist of foreign currency, money, gold, and other assets managed by the Central Bank of Russia and the government.