Despite the sanctions imposed on Russia by Western countries, data from the Central Bank of Russia shows that Russia’s gold and foreign exchange reserves rose this month.
Data from the Central Bank of Russia showed that Russia’s international reserves, which include gold and foreign currencies, rose by $2.9 billion between April 1 and April 8.
The central bank said that “on April 8, Russia’s international reserves amounted to $609.4 billion, up $2.9 billion, or 0.5%, in a week.”
Russia’s international reserves are foreign liquid assets, including foreign exchange, gold and special drawing rights.
During 2021, reserves increased by 5.9% and at the beginning of this year, on April 1, 2022, to $630.6 billion and on February 18, reserves reached their highest level of all at $643.2 billion times.
After Russia launched a military operation in Ukraine on February 24, Western countries imposed sanctions on Moscow, including freezing some of its international reserves. According to Russian Finance Minister Anton Siluanov, around $300 billion has been frozen.
Against this background, shops in Russia have started to lower prices, withdraw discounts and promotions, while the ruble is rising against the dollar and the euro.
Source: Al-Manar