Value of Russia’s gold reserves topped $200 billion for the first time ever in October, while the share of bullion in the country’s international reserves rose to 32.9%, the central bank said.
The Bank of Russia said on Friday that the value of its gold reserves rose by about 4% last month, breaking a record set in September. The reserves were worth $207.7 billion in dollar terms as of Nov. 1. The price of gold rose by about 4% in October after hitting a record high of $2,800 an ounce during the month. Gold prices have been volatile recently amid rising geopolitical tensions storie news.
Value of Russia’s gold
The share of monetary gold in Russia’s international assets last month was the highest since November 1999, when it reached 34%. Overall, the country’s highest level in modern history was recorded in January 1993, at 56.9%.
The central bank also said the country’s international reserves stood at $631.6 billion as of Nov. 1, down $2.1 billion from the previous month.
Nearly half of Russia’s international reserves were frozen in the West in early 2022 as part of Ukraine-related sanctions. The Bank of Russia did not provide a breakdown of what was frozen.
Russia’s gold
The unfrozen portion consists of Russia’s gold and foreign currency reserves held inside the country, as well as holdings of the Chinese yuan.
Bank of Russia Governor Elvira Nabiullina has previously said the country’s financial stability would not be affected if the West seized its frozen assets. Nabiullina added that the central bank has been working to diversify its foreign exchange reserves for several years, and is currently conducting operations with reserves that are not affected by the sanctions.