Russia not only sells US bonds and increases the purchase of currency on the domestic market, but also changes the nature of the reserves, giving them a lot of gold they buy at any time.
As a result, the central bank's gold foreign currency reserves reached over $ 502 billion – the daily notes. Since the beginning of this year, they jumped by 7 percent. and at the highest level of five years.
At present, Zoto makes up 19.1%. total reserves of gold. At the beginning of June, the value of gold in Russian reserves was estimated at over $ 89 billion, and for foreign currencies nearly $ 395 billion.
Russia counts with sanctions
Denis Lisitsyn, a financial expert and asset management director at ERARIUM, is aware that this practice of the Russian bank is at the height of fear of US sanctions.
In this way, the Central Bank is secured from United States sanctions. In Iran, for example, international practice has shown that, despite sanctions and forbidding the settlement in US dollars with this country, they are all willing to exchange gold with him. There is another reason for this policy – in anticipation of a general economic slowdown, this will be a legitimate means of stabilizing national currencies.
– comments an expert in an interview with Russian Finance Rambler.
According to Lisitsyn, for Russia, it is more useful than buying foreign ones, for example, American and European Securities. He also believes that, given the reduction in gold reserves, his price will rise.
Purchasing gold and armed conflict
It is worth noting that the accumulation of foreign currency reserves of zlotys in the central bank of Russia is a practice that, as history shows, is known from the Federation's war policy.
According to Rzeczpospolit, similar reserves jumps have always been in force when Russia participated in alien conflicts, or encouraged them, for example during the 2014 Crimean anniversary or when the army was sent to Georgia in 2008.