Russia's gold & foreign currency reserves smash historic high

Wed, 18 May 2022

Russia's gold & foreign currency reserves smash historic high

RT.com
23 Jan 2022, 18:12 GMT+10

The country now has the world's fourth-largest forex holdings

Russia's foreign exchange reserves surged by $7.7 billion last week, with its total holdings reaching a record $638.2 billion, according to the country's central bank.

From January 7 to 14, its international reserves grew by 1.2%, according to the latest data from the regulator. On January 7, their volume had amounted to $630.5 billion.

The surge was reported to be the result of planned purchases of foreign currencies and a positive market reassessment.

The increase has seen Russia move up from fifth to fourth place in the tally of the world's largest foreign reserve holders. The change is also due to India - which previously held the fourth-largest reserves - having reduced its stockpile during the first week of January. The ranking may change yet again when other nations update their figures.

Russia's international reserves consist of monetary gold, foreign currencies, and special drawing rights, the last of which are at the disposal of the central bank and the government.

Over the past six years, the central bank has nearly doubled its reserves. They had plunged to $356 billion in 2015 due to the government's efforts to bail out the economy during the 2014 oil price crisis.

For more stories on economy & finance visit RT's business section

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Orlando Echo.

More Information

91 ℉

Partly Cloudy in Orlando/Executive

International

Section

China lashes US for change on website supporting Taiwan independence

BEIJING, China: China's Foreign Ministry rebuked the U.S. for changing the wording about Taiwan on the State Department website, stressing ...

First group of new saints since Covid outbreak announced by Vatican

VATICAN CITY: While recovering from knee problems that have forced him to use a wheelchair last week, Pope Francis announced ...

It's not politics but Holy War for me: Imran Khan

SIALKOT, Pakistan - Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan has claimed that a plot to kill him was being hatched, ...

Report: Germany has taken in over 700,000 refugees from Ukraine

BERLIN, Germany: Citing Interior Ministry data, Welt am Sonntag newspaper has reported that more than 700,000 people fleeing the war ...

US pressured by airlines to lift Covid testing requirements

WASHINGTON D.C.: The U.S. airline industry is pressuring the Biden administration to lift a 16-month-old regulation requiring a negative COVID-19 ...

Czech resort opens world's largest pedestrian suspension bridge

DOLNI MORAVA, Czech Republic: The world's longest pedestrian suspension bridge has opened at a mountain resort in the Czech Republic. ...

Florida

Section

One dead as single-engine plane crashes on Miami bridge

MIAMI, Florida: Local media reported that one person was killed and five were injured when a small plane crashed on ...

Braking problems cause Mercedes-Benz to issue do-not-drive order

ATLANTA, Georgia: Mercedes-Benz USA has requested drivers to stop driving some of their autos immediately due to braking problems.The announcement ...

Court OKs $1 billion settlement after 2021 collapse of Florida condos

ST. PETERSBURG, Florida: - A nearly $1 billion settlement has been agreed upon in a lawsuit brought by families of ...

Red Bulls host Fire, aim for rare home victory

The New York Red Bulls are doing enough to contribute to a crowded race at the top of the Eastern ...

Agent: RB Phillip Lindsay agrees to one-year deal with Colts

Two-time 1,000-yard rusher Phillip Lindsay agreed to a one-year deal with the Indianapolis Colts, his agent Mike McCartney announced on ...

Favored Heat have heavy support over Celtics in Game 1

The Miami Heat are favored in Game 1 of the Eastern Conference finals with the Boston Celtics on Tuesday night, ...

Movie Review

Science Fair