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Wednesday, 16th November 2005 (5373 views)

The Russian Central Bank is considering doubling the proportion of the country's gold reserves.

The announcement came yesterday from Russia's head of external reserves management, Maria Guegina, at the LBMA Precious Metals Conference in Johannesburg.

She pointed out that currently Russia has five per cent of its national reserve portfolio invested in gold, making ten per cent of gold reserves appropriate.

Increasing gold reserves could potentially consume Russia's annual gold output for an estimated three years.

Ms Guegina said the change was meant to increase the composition of assets and reserves managed by the Central Bank that is simultaneously trying to modernise the Russian gold market.

Today the country has 500 tonnes of gold in reserves, which it separates into monetary gold, term deposits and allocated gold.

 

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