Ministry of Finance: gold can replace foreign currency as a way of saving

Wed Sep 02 2026

Gold can replace foreign currency as a way of saving. This was stated by Deputy Finance Minister Alexei Moiseev at the Eastern Economic Forum, according to the website of the Ministry of Finance.

"I think that we will see the process of replacing traditional types of savings for Russia after the collapse of the USSR with gold, the most conservative types of savings in the form of foreign currency in cash. This is an absolutely colossal reserve," the Deputy Finance minister stressed.

The biggest increase in demand for gold, he said, will occur as part of this substitution.

The price of gold is currently at historically high levels. Against this background, one of the key issues for the market is to assess the stability of the current situation and the factors determining its further dynamics, A. Moiseev believes.

According to him, such factors include the changing role of gold in the global financial system, the dynamics of demand from central banks, as well as the development of investment demand.

Source: https://www.akm.ru