After adding 6,700,000 ounces (208 tonnes) of gold to her reserves in 2015, and 700,000 ounces (21 tonnes) in January 2016, the Central Bank of the Russian Federation announced today that it had added another 300,000 ounces of gold (9.33 tonnes) to its reserves in February 2016:
Submitted by Smaulgld:
The report indicated that Russian gold reserves increased by 300,000 ounces from its January 2016 report to 46.5 million ounces (1,446.3 tonnes).
Overall Russian Reserves
According to the Russian Central Bank, January official reserves assets were $371,559.1 million of which foreign currency reserves were $302,759 million. In February official reserves assets grew to $380,544.3 million and foreign currency reserves increased to $311,094.4 million.
Russia’s foreign reserves, were the only major emerging market central bank that showed a gain over the past year.
The Russian Rouble hit a 2016 high earlier this week as the price of oil rose from its low of $29 a barrel to over $41 a barrel.
Russian U.S. Treasury Holdings
Russia’s U.S. Treasury Bond Holdings January 2014-January 2015
As of January, 2016, Russia held $96.9 billion in U.S. Treasury Bonds down from $131.8 billion in January 2014 but up from $66.5 billion in April 2015.
Gold vs. Roubles
Increasingly, Russia has been buying up more of their gold mining production, in effect converting roubles into gold.
Adding gold to reserves has helped Russia offset the loss of value in the rouble vs. gold over the past year.
From August to January 2016 China added 111 tonnes of gold to its reserves, while Russia added 158 tonnes, or 42% more.