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Russia central bank selling off gold to raise cash - April 13, 2020

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  • Russia central bank selling off gold to raise cash - April 13, 2020

    Selling off gold held by central bank to raise cash.

    Russia substantially increases gold exports

    2020-04-13 Source: Northeast Network

      The Russian Customs Online website reported on April 9 that statistics from the Russian Federal Customs Service indicate that Russia sold $ 854 million worth of gold bullion abroad from January to February 2020, a 7-fold increase in Russian gold exports compared to the same period in 2019 .
      Most Russian gold is exported to the British capital London. From January to February 2020, Russia exported 15.4 tons of gold to the world's largest gold trading center, valued at US $ 775 million.

      State-owned banks such as the Russian Foreign Trade Bank, the Russian Federal Savings Bank, the Natural Gas Industrial Bank, the Industrial Communication Bank, and the Open Bank have joined the ranks of gold sales. Overall, Russian financial institutions sold 9 tons of gold reserves from January to February. The Russian gold reserves more than doubled in 2019, from 38 tons to 92 tons.

      It should be pointed out that Russia has given up part of its gold reserves due to changes in the central bank's policy. Prior to this, the Russian central bank accumulated more precious metal reserves than China and almost caught up with France. But what Russia needs now is not gold reserves, but foreign exchange.

      Since April 1, the Central Bank of Russia has completely stopped buying gold on the market and has allowed 100% export to ensure that foreign exchange flows into the national economy.