World Economy

Russia Gold Reserves Triple

Russia Gold Reserves TripleRussia Gold Reserves Triple

Russia’s gold reserves have reached the biggest mark since 1998 when the country defaulted on local debt, Bloomberg said. The country’s bullion holdings are now the biggest in almost two decades, the agency said. The report indicated that “Russian reserves, which overtook China and Switzerland this year, almost tripled since the end of 2005 and are the highest since at least 1993.” The agency said Russia mined 248.8 tons of gold last year, thus occupying the third position among global producers, with China and Australia being number one and number two. The London-based World Gold Council says gold accounts for 10% of Russia’s total reserves.