Despite sanctions imposed by Western countries on Russia, data from the Russian Central Bank shows that Russia’s gold and currency reserves have increased this month.
Data from the Russian Central Bank showed that Russia’s international reserves, which include gold and foreign currencies, increased between April 1 and April 8, by $2.9 billion.
The Central Bank said that “on April 8, Russia’s international reserves amounted to 609.4 billion dollars, and therefore increased in one week by 2.9 billion dollars, or 0.5%”.
Russia’s international reserves are foreign liquid assets, including foreign currency, gold and special drawing rights.
During the year 2021, the reserves increased by 5.9%, and at the beginning of this year, on April 1, 2022, the level of 630.6 billion dollars, and on February 18, the reserves reached their highest level ever at $643.2 billion.
After Russia launched a military operation in Ukraine on February 24, Western countries imposed sanctions on Moscow, including freezing some of its international reserves. According to Russian Finance Minister Anton Siluanov, about $300 billion has been frozen.
Against this background, stores in Russia have started to cut prices, roll back discounts and promotions, at a time when the ruble is rising against the dollar and the euro.
source : Al Manar