(Kitco News) - The latest data from the International Monetary Fund’s (IMF) International Financial Statistics (IFS) report showed that Russia’s central bank increased their gold reserves in August, and they have now returned to the level they were at the beginning of 2023.
“IMF IFS data shows #gold reserves at the Central Bank of Russia rose by 3 tonnes in August,” wrote Krishan Gopaul, senior analyst at the World Gold Council in a tweet. “This means that its gold reserves are back to where they were at the start of the year - 2,333 tonnes.”
“In May 2023 … a portion of NWF money at accounts with the Bank of Russia totaling 2.59 bln yuan and 3.86 metric tons of gold in the depersonalized form were sold at 48.967 bln rubles,” the finance ministry said. “The money earned was credited at the integrated federal budget account to finance its deficit.”
Analysts reacted positively to the more detailed data, but some raised questions regarding Russia's gold production and where the precious metal is going.
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