14 May 2024 16:22

Russian banks reduce reserves of precious metals by 6 tonnes in March

MOSCOW. May 14 (Interfax) - The Central Bank of Russia estimates that reserves of precious metals in domestic banks totaled 401 billion rubles at the beginning of April 2024, according to CBR materials.

This is 61 tonnes of precious metals in gold equivalent as based on official prices.

The CBR materials allow concluding with several assumptions that reserves of precious metals in banks in terms of gold decreased by 6 tonnes, or 9%, in March.

Reserves of precious metals in banks are a rather conditional indicator, which is calculated for a specific date and does not reflect the movement of precious metals on other days. Nevertheless, the indicator could illustrate the scale of gold reserves in banks and the general trends in the segment.