CBR increases reserve gold volumes 1 mln ounces in one year

MOSCOW. March 22 (Interfax) - The Bank of Russia has resumed disclosing the volume of monetary gold as part of Russia's international reserves. According to the Central Bank, at the beginning of March they amounted to 74.9 million ounces (2,330 tonnes) worth $135.6 billion.

The last time the Bank of Russia disclosed this information was about one year ago, at the beginning of February 2022. Then, the volume of gold reserves as part of its international reserves totaled 73.9 million ounces. Consequently, during this time it has grown by 1 million ounces, or about 31 tonnes.

The Russian Central Bank actively purchased gold from 2014-2019 and was the leader among the world's central banks in terms of purchases. However, in the spring of 2020, it announced that it was suspending the purchase of the precious metal and since then there has been negligible growth in the volume of gold in its reserves.

Beside this CBR has after the temporary suspension resumed publication of monthly information about the composition of Russia's international reserves (the last disclosure by the Central Bank was on February 1, 2022).

The updated data published by the Central Bank show that over the thirteen months from February 1, 2022, to March 1, 2023, while the total volume of reserves decreased by $55.960 billion, or 8.9%, to $574.247 billion, currency reserves in their composition decreased in dollar equivalent by $59.268 billion, or 11.9%, to $438.683 billion (when including foreign currency - by $57.981 billion, or 12.4%, to $410.650 billion), while the value of monetary gold in reserves increased by $3.308 billion, or 2.5%, to $135.564 billion.

The share of gold in reserves during those thirteen months increased to 23.6% from 21.0% (a local record was set on February 1, 2023 at 24.1%).

After sanctions were imposed on it by Western nations, the CBR is limited in the management of a large part of its foreign exchange reserves. The remaining portion of its reserves consist of gold and assets in Chinese yuan. The main factor in the dynamics of reserves is the change in the value of reserve assets as a result of revaluation against the U.S. dollar, as well as operations carried out under the fiscal rule.