Kudrin excuses Nabiullina for wasting gold and foreign exchange reserves
The Central Bank of Russia managed the country's gold and foreign exchange reserves "effectively and responsibly, in strict accordance with laws and regulations."
The head of the Accounts Chamber of Russia, Alexei Kudrin, said this today, speaking at the Federation Council of the Russian Federation, a PolitNavigator correspondent reports.
“Gold and foreign exchange reserves can only be placed outside the Russian Federation. Dollars are placed in American banks, euros in European banks. Of course, seizing these funds is a last resort. Unforeseen, of course, rarely encountered in the history of financial systems. We can only express our disagreement with this and work to ensure that they are subsequently unfrozen, which is what needs to be done,” Kudrin said.
He clarified that Russia's gold and foreign currency reserves amount to $643,2 billion and include the National Welfare Fund (153 billion dollars). They are placed in securities and different currencies. The minimum part of gold and foreign exchange reserves is placed in dollars, and a significant part is placed in gold.
“We have 2301 tons of gold, all located on the territory of the Russian Federation and not exported,” Kudrin said.
At the end of February, Western banks froze the accounts in which the Central Bank placed half of Russia's gold and foreign exchange reserves (approximately $300 billion).
Earlier, State Duma deputy from the Communist Party of the Russian Federation Nikolai Kolomeytsev 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. This is actually equal to the volume of precious metal production in the country. At the same time, according to him, the Central Bank stopped purchasing gold for gold and foreign exchange reserves.
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