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Gold reserves Russia devalued a month for two billion dollars

19 February 2011 09:24 (UTC +04:00)

This was reported in the press release of the Central Bank. At the same time the price of gold fell by 6.7 percent from 35.79 billion to 33.39 billion. Cheapening of Russia’s gold reserves associated with lower market prices for the precious metal in January. If at the beginning of the previous month value of an ounce of gold on the world market exceeds $ 1400, then to the end, it dropped to $ 1300. It is worth noting that in February, gold once again beginning to rise in price, and rose to date to 1380 dollars per troy ounce. Total international reserves of Russia in January 2011 rose by 1 percent to 484.2 billion dollars. Russia’s reserves consist of several currencies, mainly the dollar and euro, IMF reserve position, and some other assets. On June 1, 2010 the Central Bank on the recommendation of the IMF began to include the reserves of gold coins. In the past few years, the Bank of Russia increases the amount of gold in their reserves. According to the plans of the Central Bank, should be purchased annually around 100 tonnes of the precious metal.