Bank of Russia sold part of its assets in dollars


June 12, Fineko/ The Bank of Russia (Bank Rosii or Central Bank of the Russian Federation) will further strengthen the policy of the Russian Federation on the growth of gold reserves.

The statement was made by Russian Finance Minister Anton Siluanov. He linked the transition to the policy of gold growth in Russia's reserves with the volatility of the convertible currency.

Official Moscow began increasing the gold and foreign exchange reserves of the Bank of Russia in 2014.

Last year the Bank purchased 274 tons of gold, and its reserves reached 2,112 tons. Since the beginning of this year the value of gold in reserves has reached $3 billion and now is about $90 billion (more than 18% of foreign exchange reserves).

At the same time, after the IMF introduced the Chinese national currency into the basket of convertible currencies, the Central Bank of the Russian Federation purchased a large number of yuans.

At that, after the tightening of US sanctions, the Bank of Russia sold a significant part of its assets in dollars and more than halved its share. The assets were partially offset by euros.