Russian banks reduce precious metals reserves 0.7 tonnes in Feb

MOSCOW. April 15 (Interfax) - Reserves of precious metals in Russian banks at the beginning of March 2024 were estimated at 403 billion rubles, materials from the Bank of Russia show.

Based on accounting prices, this amounts to 67 tonnes of precious metals in gold equivalent.

The Central Bank materials make it possible to conclude (with some assumptions) that banks' reserves of precious metals in gold equivalent decreased 0.7 tonnes (1%) in February.

Reserves of precious metals in banks are a rather conditional indicator. They are calculated for a specific date and do not reflect the movement of precious metals on other days. However, it can serve as an illustration of the scale of gold holdings in banks and general trends in this segment.