Russia’s reserves rose 0.8% to $582bn in a week due to revaluation – CBR

MOSCOW, Jan 12 (Reuters) – Russia’s gold and foreign exchange reserves stood at $582.0 billion as of January 6, 2023, up $4.5 billion, or 0.8%, over the week, with the Central Bank explaining this as “the impact of a positive revaluation.”

According to the latest published data from the CBR, at the beginning of 2022, the share of the euro in Russian gold reserves was 33.9%, gold – 21.5%, the US dollar – 10.9%, the Chinese yuan – 17.1%, the British pound – 6.2 %. Other currencies accounted for 10.4%.

By the beginning of this year, the volume of gold reserves, according to the Central Bank, amounted to $577.5 billion, a year earlier – $630.6 billion, and last February the absolute maximum was reached, $643.2 billion, to which the reserves crept up, including through purchases of foreign currency Ministry of Finance of the Russian Federation under the budget rule, suspended at the end of winter.

Tomorrow, the Ministry of Finance will resume foreign exchange interventions, but in the coming month they will lead to a reduction in gold reserves, since the Central Bank will sell foreign currency from January 13 to February 6 for 3.2 billion rubles a day ($47 million in equivalent), and Chinese yuan settlements “tomorrow”. (Moscow bureau)

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