Russia’s foreign exchange holdings soared by $1bn in the last week of April to hit $590.5bn as of May 1

Russia’s foreign exchange holdings soared by $1bn in the last week of April to hit $590.5bn as of May 1
Russia's gross international reserves hit $590bn as of the start of May
By bne IntelliNews May 11, 2021

Russia’s foreign exchange holdings soared by $1bn in the last week of April to hit $590.5bn as of May 1, the Central Bank of Russia (CBR) has announced.  

“International reserves stood at $590.5bn as of April 30… as a result of foreign exchange purchases under the fiscal rule, as well as a positive revaluation,” the regulator said on its website

Russia’s reserves have grown by around $100bn in the last two years and now are the equivalent of over two years of import cover.  

The country has been actively reshaping its international holdings, cutting the share of the US dollar in favour of other currencies and gold.  

The recent record rally in gold prices drove Russia’s international holdings to all-time highs in August, when they surpassed the $600bn level. The previous record of $598.1bn was reached in August 2008, right before the global financial crisis, Russia Business Today reports.  

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