The Central Bank does not consider it necessary to accumulate gold and foreign exchange reserves

The purchase of reserves for the state can only occur within the framework of the budget rule and on behalf of the RF Ministry of Finance.

Photo: Rambler does not consider options for replenishing gold and foreign exchange reserves, the correspondent of The Moscow Post reports.

Nabiullina noted that when making a decision to create gold and foreign exchange reserves, the regulator was guided by two principles. The first is that reserves are needed in case of a crisis in the financial sector. And the second is the negative geopolitical scenarios for Russia. At the same time, at present, the Central Bank of the Russian Federation has a sufficient amount of funds in gold and yuan. Nevertheless, Nabiullina pointed out that gold and currencies can still be purchased, but only within the framework of the budget rule. In this case, the Central Bank can act as an agent of the Ministry of Finance of the Russian Federation.

In November 2022, the Central Bank of the Russian Federation announced that after the revaluation, the volume of Russian reserves amounted to 552 billion and 100 million dollars, the figure increased by 10.5 billion dollars.

Recall that after the start of a special military operation to protect the Donbass, Western states imposed several packages of sanctions against the Russian Federation. Some of them involve freezing the gold and foreign exchange reserves of the Central Bank of the Russian Federation. Finance Minister Anton Siluanov noted earlier that about $300 billion worth of assets were frozen. According to other sources, the size of the blocked reserves could be up to $450 billion.