Russia’s weekly gold & foreign currency reserves surge by over $5 BILLION

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Russian banks boost gold reserves to historic high amid COVID pandemic

The current level of holdings is higher than the target of $500 billion set by the CBR several years ago. Russia has been boosting its reserves for four years running.

Last year, growth totaled nearly $86 billion, while 2018 and 2017 saw increases of around $33 billion and $55 billion, respectively.

The country has also been reshaping its international holdings, cutting the share of the US dollar in favor of other currencies and gold. Last year, the CBR reported that the greenback share fell from 43.7 percent to 23.6 percent in 12 months from March 2018.

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