Russia is among the top ten leaders in the growth of gold and foreign exchange reserves
Thu Jan 02 2025
By the end of 2024, Russia entered the top ten in terms of the growth of gold and foreign exchange reserves, becoming the seventh country in this indicator, RIA Novosti reported based on data from national central banks.
By the end of September last year, Russia's reserves increased by $64.7 billion
over the year. In terms of the total volume of international gold and foreign
exchange reserves, Russia ranks fifth with $634 billion.
China has become the absolute leader in terms of their growth, it has increased
its reserves by $ 263.3 billion. Switzerland came in second place with an
increase of $131.9 billion, followed by India with $118.1 billion.
China also retains leadership in terms of total volume — $3.57 trillion. Japan
held the second place with 1.25 trillion, and Switzerland became the third with
950 billion.
In total, by the end of September, the international gold and foreign exchange
assets of the world's central banks totaled $ 14.3 trillion.
Earlier, Vladimir Chernov, an analyst at Freedom Finance Global, estimated that
the decline in the dollar's share in world foreign exchange reserves to a
record low in 30 years was due to the risks of freezing gold and
foreign exchange reserves.
The expert believes that the de-dollarization process in question "was
provoked" by the precedent with the assets of the Russian Federation, as
it "caused other states to fear for the safety of their reserves stored in
dollars."
Source: https://www.oreanda-news.com