After the Russian gold and foreign exchange reserves were blocked, 68% of the world’s countries preferred to store the precious metal on their own soil. In this respect informs Referring to a study by the American investment company Invesco, RIA Novosti.
Invesco surveyed 85 country funds and 57 central banks around the world, and almost 70% of them are interested in gold repatriation (return of precious metal to their regions). Three years ago it was 50%. The report does not name the countries that initiated this process. BitRiver analyst Vyacheslav Antonov explained that the disclosure of such information threatens national security and financial stability. The publication says that countries take into account the experience of Russia.
“We kept the precious metal in London, but now we’ve brought it back home for safety reasons,” a senior official at one of the Central Banks told Reuters.
This is a general trend, according to study leader Rod Ringrow.
With data In March, the largest gold holders – Washington, Rome, Paris, Berlin, Beijing and Moscow – placed reserves both at home and abroad, the Trade Economics said.
The Ministry of Finance of the Russian Federation announced in March 2022 that approximately $ 300 billion of Russian gold and foreign currency reserves were frozen due to US and EU sanctions. According to the Central Bank of Russia, as of January 1, the regulator holds $612.9 billion in reserves, of which 15.7% is in Germany. In addition, 9.9% of assets are located in France and 9.3% in Japan. 6.4% of reserves were located in the USA, 5.1% in the UK, 2.7% in Canada and 2.5% in Australia. In other words, 51.6% of the assets should have been located in the countries that imposed sanctions.
formerly Siluanov said about pessimists and optimists.