By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News. August 9, 2024. Article no 1155.

The volume of international (gold and foreign exchange) reserves of the Russian Federation in July 2024 increased by $8.552 billion, or 1.4%, to $602.050 billion from $593.498 billion, follows from the information on the website of the Central Bank of the Russian Federation.

In January-July 2024, reserves increased by $3.458 billion, or 0.6%, from $598.592 billion as of January 1.

The value of monetary gold in reserves in July increased by $5.066 billion, or 2.9%, to $179.593 billion from $174.527 billion.

The Bank of Russia, after the sanctions imposed on it in 2022 by Western countries, is limited in managing a significant part of its gold and foreign exchange reserves. Part of the reserves, consisting of gold and assets in Chinese yuan, did not fall under the restrictions. The main factor in the dynamics of reserves is changes in the value of reserve assets as a result of revaluation against the US dollar, as well as operations carried out within the framework of the fiscal rule.

Read also : Gold : Build Your Wealth and Freedom

International reserves are highly liquid foreign assets at the disposal of the Bank of Russia and the Government of the Russian Federation. They consist of assets in foreign currency, monetary gold, special drawing rights (SDRs, the unit of account used by the International Monetary Fund, IMF), a reserve position in the IMF and other reserve assets. These reserves can be used to support the ruble in the currency market or fund the support of Russian economy in case of crisis.

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© Copyright 2024 – Eurasia Business News. Article No. 1155.