Russia has overtaken China by size of gold reserves

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Photo: Boris Babanov / RIA Novosti

Russia pushed China and ranked fifth in the world reserves of gold at the end of March the value of the precious metal in Central Bank reserves reached 1890,8 tons. On Thursday, may 31, writes “Kommersant”, citing data from the World Gold Council (WGC).

So the Bank of Russia is insured against the risks associated with the actions of financial regulators of the USA and the European Union, as well as geopolitical uncertainty, the newspaper notes.

The rate of increase of reserves of the Russian Central Bank maintains the lead among Central banks over the last ten years, the regulator has increased its gold reserves per thousand tons, and only in the last four years — 850 tons. On the second place on growth rates — the people’s Bank of China developing over the last four years gold stocks to 788 tons. Gold reserves in Kazakhstan and Turkey increased over the four years of 161.4 m tonnes and 111 tonnes respectively.

The largest Central banks began to increase its gold reserves after the crisis of 2008-2009, experts explain. In many ways, it was resolved by the injection of huge sums into the world economy, leading to inflation. Gold is considered to be time-tested anti-inflationary instrument, they stress.

In China, the reserves of gold in the first quarter, make 1842,6 tons.

In April, the Central Bank of Turkey in 2017 brought the entire country’s gold reserves from the United States because of deteriorating relations with Washington.

According to WGC, in 2017, the Bank of Russia became the world leader on rates of increase of gold reserves. In September last year, gold reserves increased by 34.6 ton to 1778,9 tons.

Video, photo All from Russia.

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