RT.com
23 Jan 2022, 13:42 GMT+10
The country now has the world's fourth-largest forex holdings
Russia's foreign exchange reserves surged by $7.7 billion last week, with its total holdings reaching a record $638.2 billion, according to the country's central bank.
From January 7 to 14, its international reserves grew by 1.2%, according to the latest data from the regulator. On January 7, their volume had amounted to $630.5 billion.
The surge was reported to be the result of planned purchases of foreign currencies and a positive market reassessment.
The increase has seen Russia move up from fifth to fourth place in the tally of the world's largest foreign reserve holders. The change is also due to India - which previously held the fourth-largest reserves - having reduced its stockpile during the first week of January. The ranking may change yet again when other nations update their figures.
Russia's international reserves consist of monetary gold, foreign currencies, and special drawing rights, the last of which are at the disposal of the central bank and the government.
Over the past six years, the central bank has nearly doubled its reserves. They had plunged to $356 billion in 2015 due to the government's efforts to bail out the economy during the 2014 oil price crisis.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of International Travel News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Travel News.
More InformationNEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...
LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
Vishakhapatnam (Andhra Pradesh) [India], July 15 (ANI): The Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal,...
Dubai [UAE], July 14 (ANI): Madhya Pradesh Chief Minister Dr Mohan Yadav attended the 'Madhya Pradesh Business Investment Forum Program'...
New Delhi [India], July 14 (ANI): Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal launched multiple Capacity Building...
Dubai [UAE], July 14 (ANI): Madhya Pradesh Chief Minister Dr Mohan Yadav held wideranging interactions with industry experts for bringing...
By Shafali Nigam New Delhi [India], July 14 (ANI): India's civil aviation regulator, Directorate General of Civil Aviation (DGCA)...