- Russia's Finance Ministry will spend 398.72 billion rubles on gold and foreign currencies between October 6 and November 7, with the daily volume to be equivalent to 18.12 billion rubles , the Ministry announced on Wednesday.
The Central Bank of Russia announced that it will not be mirroring these moves in the market from August 10 until the end of 2023, saying that it made the decision in order to reduce volatility in the financial markets. The regulator said there could be deferred purchases in 2024 and in subsequent years, and it will decide on these operations once the CBR resumes mirroring regular purchases.
The International Monetary Fund’s latest International Financial Statistics report showed that Russia’s central bank increased their gold reserves in August, and they have now returned to the level they were at the beginning of 2023. While Russia is intent on increasing its gold reserves to help mitigate Western economic sanctions in response to the Ukraine conflict, the country has been forced to use its gold reserves to settle international transactions and to cover budget deficits.
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