Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
gold export from Russia
Stock Market

Export of gold from Russia has increased since the beginning of the year

19.12.2020
2 min read

Why is the export of gold from Russia growing: volumes and reasons

Statistics show that since the beginning of this year the export of gold from Russia has increased. For 2 months 17 tons of metal were sent from the country for a total of 854 million dollars. These figures are 7 times higher than the values observed in the same period of the previous year.
Most of the gold from Russia went to London, which is considered the main city in the world for trading ingots. For January and February, 15.4 tons of metal were registered there, which is estimated at $775 million.
The sale of the asset was carried out by state banks, which last year were actively buying ingots, replenishing the gold stock, increasing it by 3 times.
The greatest quantity of precious metal is fixed at bank VTB, it also owns superiority on volume of the sold ingots. In the first few months of 2020, the financial institution sold 9 tonnes. In the same period, Sberbank sold 5.5 tonnes.
Promsvyazbank began disposing of its assets back in November. The last sales were observed in January, after which they were suspended. In total, 4.6 tons were sold here between November and February. Gazprombank’s reserves decreased by 7 tons of gold. Otkrytie Bank sold 4 tons of precious metal last year, and this year it acquired 0.7 tons.
In just 2 months 2020, Russian financial institutions got rid of 9 tons of gold, the volume of which has increased over the past and the previous period. Then its quantity in storage increased from 38 tons to 92 tons.
VTB now has about 45 tonnes in bullion, while Sberbank is second in terms of precious metal, with 17.4 tonnes, and Otkrytie is third, with 5.8 tonnes.

gold export from Russia

This growth in the export of gold from the country is due to the new strategy of the Central Bank. For a long time it has been buying the precious metal on a massive scale, buying up almost the entire volume of production in the state. Thanks to this, the gold and foreign exchange reserve amounted to 2.27 thousand tons. This amount is more than in China’s vaults, but less than in France.
In spring 2019, the Central Bank introduced a discount and bought gold 0.12% lower than its value in the London market. And six months later, it reduced the purchase of precious metal. In total, in 2019 the Central Bank purchased 158.6 tons, this amount is 40% less than in 2018.
Starting from April this year, the Central Bank put the purchase of gold on pause, and instead began selling it. Such a step should increase the volume of foreign currency, which will strengthen the economy and stabilize it after the oil market collapses.

Tags: Stock Market
0
Previous Post African leaders have called on the world community to help Next Post The oil market continues its slow recovery

You Might Also Like

US Federal Reserve System
Stock Market
How the US Federal Reserve System stabilizes the market
21.08.2020
Head of the White House
Stock Market
The head of the White House called upon the Federal Reserve to weaken the dollar
10.10.2020
EOS network
Stock Market
EOS network burns coins: causes of destruction 132 million dollars
19.11.2020
Luxury house
Stock Market
Luxury house Ermenegildo Zegna plans to go public
23.04.2022
digital currency
Stock Market
China’s digital currency may soon be in full use
05.10.2021
SWIFT international system
Stock Market
SWIFT international system may not be used by Russia, India and China in the near future
10.09.2020

Recent Posts

  • 1guidelines for cryptocurrency exchanges
    Canada releases guidelines for cryptocurrency exchanges
    25.05.2022
  • 2How IT is used in banks
    How IT in banks helps transform the sector
    24.05.2022
  • 3Development of the financial sector-1
    Development of the financial sector in terms of DeFi potential
    23.05.2022
  • 4export volumes
    India’s export volumes rise to record levels
    22.05.2022
  • 5Ma Huaten
    Who is Ma Huateng: a professional history
    21.05.2022

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Rise in gold prices: reasons for increased interest in the metal

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Spokesperson
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Spokesperson
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Spokesperson
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Spokesperson
16.05.2020

Latest Posts

guidelines for cryptocurrency exchanges
Canada releases guidelines for cryptocurrency exchanges
25.05.2022
How IT is used in banks
How IT in banks helps transform the sector
24.05.2022
Development of the financial sector-1
Development of the financial sector in terms of DeFi potential
23.05.2022

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Rise in gold prices: reasons for increased interest in the metal
  • Will oil cost $100 per barrel: forecast
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics