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Iran Press TV

Russia forex reserves surge by over $50bn y/y in July: Report

Iran Press TV

Saturday, 11 July 2020 6:28 PM

Russia has increased its international funds by more than $50 billion in the year ending July 1, shows a report.

The Central Bank of Russia (CBR) said on Saturday that its total foreign currency holdings had reached $438 billion, adding that international funds had seen an increase of 0.5 percent or $2.7 billion compared to the end of June.

The report covered by the state-run RT channel said that Russia's assets in monetary gold had also grown by 2.5 percent over the past month to reach $130.8 billion.

It said CBR reserves in foreign currencies, including in Special Drawing Right (SDR) assets, had decreased by 0.1 percent in the same period to stand at $438 billion.

That means that Russia has been successful in its policy of reshaping international reserves to cut the share of the US dollar in favor of other currencies and gold.

Total assets in forex and gold had reached $569 billion, said the report, adding that the sum was well above a target of $500 billion set by the bank several years ago.

Since 2015, Russia has been slapped with rounds of US sanctions, mainly because of its alleged role in a political crisis in neighboring Ukraine.

However, the country has managed to increase its key reserves for the past four years while trying to reduce its dependency on the dollar system.

Russian authorities have declared on several occasions that they would welcome trade initiatives with other countries that involve currencies other than the US dollar.



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