MOSCOW – The reserves of monetary gold from the gold reserves of the Bank of Russia increased to $91.64 billion. This is a record figure for the newest history of Russia, the Central Bank of Russia reported on March 7th.
In February 2019, gold reserves increased by 2.4%. Total reserves increased by 1.4% to $ 482.8 billion.
It is noted that the main factor in the growth of reserves is their revaluation due to changes in the course and additional oil and gas revenues sent to the National Wealth Fund in accordance with the budget law.
The gold reserves are controlled by the state monetary authorities. It is created by the receipt of excess foreign currency in Russia. A reserve may be required in the event of a balance of payments deficit – then importers can buy the missing currency for their needs from the Central Bank of the country.
For countries without significant gold reserves, this puts them in the position of needing to manage said balance of payment issues through Atlanticist organs such as the World Bank – issues often caused by their relationship with the International Monetary Fund, or IMF.
In February, it became known that monetary gold reserves in January 2019 had grown by 6.22 tons. As of February 1st, they are estimated at 2,118.15 tons.
Gold is said by many economists to have an intrinsic value which paper scripts, issued for circulation by banks, do not have.
The maintenance of gold reserves in the Russian Federation are a significant part of its strategy to retain its status as a sovereign state in the face of Atlanticist pressures.
Atlanticist forces are known for seizing, without authorization, existing gold reserves from countries which they seek to either plunder or punish for ‘defiance’. All of Ukraine’s gold reserves were seized by the U.S, for example, following the U.S backed coup which struck the country five years ago. Similarly, some of Venezuela’s gold was seized by England when the U.S announced that it no longer recognized the government of Venezuela.