Russia Holds More Gold Than Dollars For First Time In History | WHAT REALLY HAPPENED

Russia Holds More Gold Than Dollars For First Time In History

According to a Central Bank of Russia report published this week and analyzed by Bloomberg, gold made up 23% of the Central Bank of Russia’s reserves as of the end of June. The bank’s share of dollar assets dropped to 22%. In 2018, more than 40% of Russian reserves were in dollars.

Russia’s gold holdings eclipsed its dollar reserves last year despite a halt in gold purchases. This was partly due to an increase in the value of its gold holdings with the rise in gold prices, and partly a function of the central bank’s continued efforts to shed dollar assets.

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