Russia Poised to Become Fourth Biggest Reserve Holder Unseating Saudi Arabia | WHAT REALLY HAPPENED

Russia Poised to Become Fourth Biggest Reserve Holder Unseating Saudi Arabia

Russia has been ditching dollar-denominated assets for over a year and a half amid ongoing sanctions pressure from Washington. It also has been piling up gold reserves, which reportedly soared in value due to a trade war between the US and China that caused the metal's price to spike.

Russia may soon replace Saudi Arabia as the fourth biggest holder of reserves in currency, precious metals and other securities, Bloomberg reported. The news agency estimated the Russian Central Bank's reserves at around $518 billion, something which have been growing significantly for the past four years, while the Kingdom has around $527 billion at its disposal.

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