Pandemic Pushes Russia’s Gold Reserves Above U.S. Dollars For First Ever Time

By: - January 12, 2021

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Image by Russian Academy of Sciences

The value of Russia’s gold reserves passed its U.S. dollar holdings for the first time in history last year, Central Bank data published Monday showed.

At the end of June 2020, Russia held $128.5 billion in gold, representing 22.9% of Moscow’s total international reserves — and almost $4 billion more than the value of U.S. dollars in its reserves.

Over the last three years Russia has aggressively shifted its foreign reserves out of U.S. dollars and into gold and other currencies, such as the Chinese yuan

To read more visit The Moscow Times.