"The Russian central bank will continue to buy
gold as it seeks to diversify its foreign reserves away from paper assets it
views as risky, First Deputy Chairman Alexei Ulyukayev said on
Thursday.
The Bank of Russia has built up the world's fourth-largest
foreign reserves, worth $530 billion, by buying oil export dollars to keep the
rouble competitive. The hoard includes two rainy-day budget funds that guard
against fiscal shocks.
The bank has also been a bullion buyer and the
share of gold in its reserves is approaching a medium-term target of 10 percent,
raising questions over whether it would keep buying gold."
at http://ausbullion.blogspot.com/2013/01/russia-to-continue-to-buy-gold.html
No comments:
Post a Comment