Russia’s foreign exchange reserves grow by more than $9 billion in July

Russia’s gold and foreign currency holdings grew by more than 1.5% last month and amounted to $601 billion, according to the latest data published by the country’s central bank.

In monetary terms, the monthly growth reportedly totalled $9.258 billion. The country’s forex reserves were standing at around $591.7 billion as of July 1.

The international reserves are highly liquid foreign assets comprising stocks of monetary gold, foreign currencies and Special Drawing Rights assets, which are at the disposal of the Central Bank of Russia and the government.

Russia’s currency reserves rose by more than one percent to $466.1 billion during the last month, while the value of the nation’s monetary gold grew 3,4% and totalled $130.4 billion.

Last year, the nation’s gold and foreign currency holdings surged 7.5%, having amounted to $595.8 billion as of January 1, 2021. At the end of May, the forex reserves hit an all-time high of $605.9 billion.

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