Russia to Increase Its Gold Reserves – Central Bank Head
SputnikNews.com
04.06.2015
The head of Russia’s Central Bank is determined to increase the country’s gold reserves to its previous levels in 2012-2013, from $360.5 billion up to $500 billion.
Russia will increase its gold reserves by up to $500 billion, said Elvira Nabiullina, the head of Russia’s Central Bank, Rossiyskaya Gazeta reported.
Russia will aim at $500 billion, despite the fact that a sufficient level of gold reserves for the country is $188 billion, Nabiullina said.
Currently, Russia owns $360.5 billion worth of gold reserves. The amount covers more than three months of imports, short-term foreign debt and 20 percent of Russia’s entire money supply.
The country’s gold reserves exceeded $500 billion during 2012-2013, when global oil prices were at their peak. However, right now due to low oil prices, the Russian budget will receive $150-170 billion a year compared to a few years ago before the crisis.
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