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Russia’s foreign exchange reserves increase by $1.8 billion in one week

Russia’s foreign exchange reserves increase by $1.8 billion in one week

Russia’s gold and foreign currency holdings grew by another $1.8 billion in the week through August 20, according to the latest data published by the country’s central bank.

Forex reserves totaled $595.6 billion compared to $593.8 billion a week earlier.

Russia’s international reserves are highly liquid foreign assets consisting of monetary gold, foreign currencies and Special Drawing Rights, which are at the disposal of the Central Bank of Russia and the government.

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The latest growth is reportedly attributed to the planned purchases of foreign currencies and a positive market re-assessment.

In 2020, the country’s gold and foreign currency holdings grew by 7.5% and totaled $595.8 billion as of January 1, 2021. At the end of May, they reached an all-time high of $605.9 billion.

For more stories on economy & finance visit RT's business section

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