Russia may soon reach the fourth place in the world in terms of gold reserves, sending to the fifth position Saudi Arabia. It is reported by Bloomberg.
According to the agency, Russia, amid fears of new sanctions by the US and EU, severely restricts your budget, maintaining a surplus, while Saudi Arabia continues to spend their money on social sectors. In addition to the fallen 58 dollars the value of a barrel of oil has a negative impact on many countries of OPEC, including Saudi Arabia, in terms of public spending. At the same time Russia, whose budget is calculated on the cost of a barrel of oil in 40 dollars, nothing to lose. Taking into account the cost of oil and national spending, Russia has the potential to overtake Saudi Arabia for foreign currency reserves, stocks are in Riyadh will decline against the backdrop of war and US trade China, as well as the fall in oil prices.
The agency notes, that despite introduced a new package of anti-Russian sanctions, which restricts access of Russia to the dollar debt financing, Moscow continues to increase its gold reserve, eventually “thunderstorm” oust from fourth place in terms of supplies to Saudi Arabia.
earlier it was reported, that over the past four years, Russia's gold and currency reserves increased by 45%, reached in June 518 billions of dollars, thus at Riyadh's gold reserves at the same time period were 527 billion. dollars.
Recall, that gold and foreign exchange reserves consist of currency, monetary gold and special drawing rights, under government control.
