The Central Bank of Russia (CBR) has confirmed that it is selling physical gold directly to the market, marking a major change from previous internal transactions.
For many years, the Russian Ministry of Finance "sold" gold from the National Wealth Fund (NWF) to the CBR, but in fact it was only accounted for domestically, the gold remained in the national reserves and never left Russia, according to the Moscow Times.
Now, CBR has moved into the physical market and is selling gold in the same way that NWF trades yuan. Russia now holds the world's fifth largest gold reserves.
"The liquidity of the domestic gold market has increased significantly in recent years. Therefore, the Central Bank of Russia now carries out equivalent operations on the domestic market not only in yuan but also partly in gold," a Central Bank spokesman told Interfax news agency. The bank did not disclose the timing or size of the gold sales.

An employee holds a gold bar at a factory in Kasimov, Russia (Photo: Reuters)
Before the Russia-Ukraine conflict broke out, the Russian National Wealth Fund held 405.7 tonnes of gold. Since then, the Ministry of Finance has sold 57%, or 232.6 tonnes, to cover the budget deficit, leaving only 173.1 tonnes of gold remaining as of November 1.
Economists say the gold sale helps the Central Bank pump more foreign currency into the market to support the ruble, while reducing pressure on the amount of yuan that Russia is holding.
“The use of gold helps to spread pressure across markets and maintain diversity in national reserves,” Vladimir Chernov, an analyst at Freedom Finance Global, said in the report.
Not only gold, other liquid assets of NWF such as yuan also fell sharply. The total amount of liquid assets of NWF, including gold and yuan, fell 55% to 51.6 billion USD.
The ratio of unspent assets to GDP is now just 1.9%, much lower than the 7.3% level in 2022.
Source: https://dantri.com.vn/kinh-doanh/nga-lan-dau-ban-hon-200-tan-vang-trong-kho-moscow-dang-rut-dan-kho-du-tru-20251125103222906.htm






Comment (0)