Russia’s gold and foreign currency reserves are at their highest levels in a year

The Russian Federation’s gold and foreign currency reserves increased by 0.4% to reach $600.7 billion, recording its highest level in a year.

According to data from the Central Bank of Russia, Russia’s international reserves increased during the period from April 5 to 12 by about $2.4 billion, reaching $600.7 billion, while they recorded $598.3 billion as of the fifth of the same month.

The data indicated a decrease in Russian international reserves during the past year by 8.4% to reach $577.5 billion, which had reached their highest level ever of about $643.2 billion, on February 18, 2022.

The Russian economy grew by 3.6% in 2023, and nearly 6% of Russia’s GDP goes to military spending.

Russia was the second largest producer of gold with 324.7 tons in 2023, behind China, which produced 374 million tons. Russia is expected to increase its gold production by 4% annually until 2026.