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Russia adds $1.4 billion to its international reserves in one week

Since the beginning of the month reserves rose by around $3.6 billion. As of September 1, they amounted to $529.083 billion. Russia managed to increase its bullion and foreign currency stockpiles by more than $64 billion since January, with gold holdings alone surging from around $87 billion to nearly $109.5 billion.

Russia has been actively beefing up bullion reserves in line with its goal to cut its reliance on the US dollar and to diversify its foreign exchange reserves. In 2018, Moscow was recognized as the world’s most committed purchaser of gold and is currently the world’s fourth largest reserve holder.