Central Bank of Russia - Garner Ted Armstrong Evangelistic Association https://www.garnertedarmstrong.org Let No Man Take Your Crown Fri, 15 Sep 2023 22:32:09 +0000 en-US hourly 1 https://www.garnertedarmstrong.org/wp-content/uploads/2024/05/cropped-Screen-Shot-2024-05-16-at-1.06.13-PM-32x32.png Central Bank of Russia - Garner Ted Armstrong Evangelistic Association https://www.garnertedarmstrong.org 32 32 Russia raises interest rate to 13% as economy struggles https://www.garnertedarmstrong.org/russia-raises-interest-rate-to-13-as-economy-struggles/?utm_source=rss&utm_medium=rss&utm_campaign=russia-raises-interest-rate-to-13-as-economy-struggles Fri, 15 Sep 2023 22:32:09 +0000 https://www.garnertedarmstrong.org/?p=44556 The Central Bank of Russia raised its key lending rate by one percentage point to 13% on Friday, a month after imposing an even larger hike. Concerns about inflation persist and the ruble continues to struggle against the dollar. In August … Read More

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]]> The Central Bank of Russia raised its key lending rate by one percentage point to 13% on Friday, a month after imposing an even larger hike.

Concerns about inflation persist and the ruble continues to struggle against the dollar. In August the bank increased the lending rate to 12% — a jump of 3.5 percentage points — as the ruble fell to 100 against the greenback.

And, although the ruble’s exchange rate improved mildly after the rate hike, it remains around 95 to the dollar, significantly weaker than a year ago when it was trading at around 60 to the U.S. currency.

By raising borrowing costs, the central bank is trying to fight price increases as Russia imports more and exports less, especially oil and natural gas, with defence spending going up and sanctions taking a toll. Importing more and exporting less means a smaller trade surplus, which typically weighs on a country’s currency.

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Source: https://www.euronews.com/2023/09/15/russia-raises-interest-rate-to-13-as-economy-struggles

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]]> Russia boosting gold & dumping dollar from foreign currency reserves https://www.garnertedarmstrong.org/russia-boosting-gold-dumping-dollar-from-foreign-currency-reserves/?utm_source=rss&utm_medium=rss&utm_campaign=russia-boosting-gold-dumping-dollar-from-foreign-currency-reserves Mon, 20 May 2019 17:55:49 +0000 http://www.garnertedarmstrong.org/?p=27529 © Getty Images / Colin Anderson The Central Bank of Russia reports that foreign exchange reserves saw a significant boost of nearly $3.3 billion in April as the country pursues a policy of increasing its forex funds and diversifying them away … Read More

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]]> Russia boosting gold & dumping dollar from foreign currency reserves
© Getty Images / Colin Anderson

The Central Bank of Russia reports that foreign exchange reserves saw a significant boost of nearly $3.3 billion in April as the country pursues a policy of increasing its forex funds and diversifying them away from the US dollar.

The latest growth of 0.7 percent brought Russian international reserve funds to nearly $492 billion against $487.8 billion seen at the end of March, the latest data published by the regulator shows.

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

According to Elvira Nabiullina, head of the central bank, Russia is diversifying its foreign exchange reserves more than other states because of the economic and political risks that the country is facing.

The central bank has reportedly increased holdings of Chinese yuan and lowered the share of US dollars in its reserves over recent months. The country’s key monetary regulator stands ready to use FX swaps and repo operations if it sees a need to calm markets during times of stress, Nabiullina said on Tuesday, speaking at a conference in Zurich.

In March, the Central Bank of Russia added nearly 18.7 tons of gold to the county’s vast stockpile of the precious metal. The step reportedly brought Russia’s estimated gold holdings to more than 2,170 tons (69,700,000 ounces), which accounts for nearly 18 percent of the country’s total foreign exchange reserves.

For more stories on economy & finance visit RT’s business section

Source: https://www.rt.com/business/459383-russia-gold-foreign-reserves-surge/

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