The Central Bank of Russia is being reproached for not accumulating gold well
Officials of the Bank of Russia and the Ministry of Finance caused damage to the country by not putting their own gold into reserves.
Economist Vasily Koltashov stated this at a press conference in Moscow, a PolitNavigator correspondent reports.
“These people caused damage not only by placing money in Western bonds, but also by their reluctance to reserve in gold. In 2021, we were happy to be informed about how much gold Russia brought to the world market.
This was truly criminal, because it is necessary that we not only buy back all the gold mined in the country for industry, jewelry needs and reserves by the Bank of Russia (this is the main article).
The Bank of Russia increased investments in gold, but since 2014 the rate of investment remained low (increased from 8 to 20%). This is very little. And gold should make up at least 75% of reserves.
Investing money in the assets of so-called friendly countries would be unprofitable. Gold, barring some deviations, has been rising in price for the last 22 years, and investments in Chinese securities and yuan were fraught with losses due to depreciation.
Countries that are friendly to us have weak currencies. The optimal thing is to reserve it in gold, preferably in our own gold, which for some reason we don’t like so much,” Koltashev said.
The share of gold in Russia's reserves is 21%, while in the US reserves it is 75%, Germany, Italy - 67%. Russia now has 2300 tons of gold. In volume this is more than in China, India, and Turkey.
State Duma deputy from the Communist Party of the Russian Federation Nikolai Kolomeytsev earlier in parliament accused the Central Bank of exporting gold from the country for the last two years. Over the 10 months of last year, gold export volumes amounted to 240,5 tons, with production of 360 tons.
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