Financial security

Russia’s gold stockpile has grown to the biggest since at least 1993 after purchases topped 173 tons last year. The country has been buying the metal to diversify its foreign reserves and solve problems related to ruble liquidity, central bank Governor Elvira Nabiullina said in an interview with Bloomberg Television in Moscow this month.

Gold accounts for about 12 percent of its total foreign reserves. That’s still less than the U.S. and Germany, the biggest holders, with the metal making up about 70 percent of reserves.

Ukraine sold almost 19 tons of gold, while Kazakhstan and Iraq both bought about 48 tons, according to the council. Azerbaijan purchased about 10 tons, the report showed.

Central Banks Are Boosting Their Gold Reserves