Russia's Gold, Forex Reserves Up

Russia’s gold and foreign exchange reserves rose 0.2 percent to $508 billion on April 4 from a week before.

The reserves rose for the eighth week in a row. From February 8 to March 28, they increased by $25.8 billion. This means that in the eight weeks from February 7 to April 4 the reserves climbed by $27 billion, or 5.6 percent.

The significant rise in such a short time could be due both to the dollar’s depreciation against the euro and the Central Bank’s increased acquisition of foreign currency on Russia’s forex market, bringing the reserves to their highest level ever recorded.

As a result, Russia has slightly reduced its gap from China and Japan, which have the largest gold and foreign currency reserves in the world.