Russia’s gold reserves smash Soviet-era record as part of Moscow’s de-dollarization drive

Friday, November 2, 2018
By Paul Martin
2 Nov, 2018

The Central Bank of Russia bought over 92 tons of gold in the three months to the end of September breaking the Soviet peak of 2000 tons in gold reserves seen in 1941, according to a new report by the World Gold Council (WGC).

Russia reportedly purchased more gold than any other country in the world, followed by Turkey, Kazakhstan, and India, which bought 18.5 tons, 13.4 tons and 13.7 tons respectively.

That marks the highest quarterly net purchase since 1993, when the WGC started tracking the country’s data. Russia’s gold stockpile now accounts for 17 percent of the country’s overall foreign exchange reserves.

The Central Bank of Russia will keep adding bullion to its reserves, while reducing the share of US sovereign bond holdings at the same time, according to Anatoly Aksakov, the chairman of the State Duma Committee on Financial Markets.

“This is a growing trend. Over the last five years, countries have been boosting the share of gold in their reserves, reducing the dollar share,” Aksakov told RIA Novosti.

“Investments in the US Treasury securities have been in record decline. I think this trend will continue.”

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