Russia's foreign exchange reserves at the end of 2023 amounted to $442 billion, according to data from the World Gold Council. The Russian Federation took sixth place, displacing Saudi Arabia (its reserves amount to $439 billion), which is now in seventh place.
Russia is replenishing foreign exchange reserves at the expense of yuan, explained BCS Forex analyst Anatoly Trifonov. The main factors that influence the amount of reserves are oil and gas revenues, as well as exchange rate revaluation of currency and gold, said Anton Polyakov, associate professor at the Financial University under the Government of the Russian Federation.
The fact that Russia was able to overtake Saudi Arabia is the result of a change in approaches to the placement of foreign exchange reserves of the Arab country – they began to be directed more into national development funds, emphasized Anna Tanasova, an expert at the Institute of Energy and Finance.
The position of the Russian Federation in the ranking will improve if the price of oil rises, which will lead to an increase in oil and gas revenues to the treasury and foreign currency purchases according to the budget rule, says Anatoly Trifonov from BCS Forex. But if the risks of a recession in the global economy increase in the coming year, then money from reserves will have to be spent, Finam believes.
Read more in the exclusive material from Izvestia:
Back-up: Russia rose to sixth place in terms of foreign exchange reserves
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