Bank Of Russia To Buy “Considerable Figure” Of Gold Tonnage In 2012
Today, the deputy chairman of Russia’s central bank, Sergey Shvetsov, said that the Bank of Russia plans to keep buying gold on the domestic market in order to diversify their foreign exchange reserves.
“Last year we bought about 100 tonnes. This year it will be less but still a considerable figure,” Shvetsov told Reuters on the sidelines of a financial conference in Milan.
Russia’s gold and foreign exchange reserves fell to $514.3 billion in the week ending May 18, from $518.8 billion a week earlier. However, they have risen from the $498.6 billion seen at the end of 2011.
Yesterday, Shvetsov said that Greece has plans for a parallel currency and that it is a “necessity” for Greece to leave the euro.
US exchanges are closed on Monday for Memorial Day.