RUSSIA BOUGHT MORE GOLD THAN ANY STATE IN THE WORLD, REDUCING ITS DEPENDENCE ON DOLLAR

HomeNewsRUSSIA BOUGHT MORE GOLD THAN ANY STATE IN THE WORLD, REDUCING ITS DEPENDENCE ON DOLLAR

The country reduces its dependence on the U.S. dollar. Due to the lingering sanction risks, Russia keeps buying gold. This year the country bought more of this precious metal than anyone in the world. However, other countries also continue to increase their reserves.

In the first trimester this year, many of the world's central banks hit record highs over the past six years on gold acquisition. These statistics are given with reference to the World Gold Council. Compared to the same indicator last year, the regulators purchased 65% more gold. During the first three months of 2019, 145.5 tons of precious metal were added to the reserves of different countries.

Russia is followed by China whose central bank also faces the task of diversifying its assets in favour of reducing the share of the USD amidst the trade war with the United States.

As previously reported, last year the CBR increased its monetary gold reserves by 14.9%, or by almost 275 tons – up to 67.9 million ounces, or more than two thousand tons.