Russia to dispose gold for imported goods of foreign currency

Unfortunately for Russia, this is the right time international gold prices tumbled sharply ...

By last October, the country's gold reserves have reached 1149.8 tons, the highest since 1993.

On 5/11, she Kseniya Yudaeva, deputy governor of the Central Bank of Russia, said it would sell gold in foreign exchange reserves of foreign currency to serve the import of goods in case of need.
From May 9/2012 So far, Russia has been quietly gathering buying gold for its foreign exchange reserves. By last October, the country's gold reserves have reached 1149.8 tons, the highest since 1993. According to the World Gold Council (WGC) which launched site Business Insider, Russia has surpassed all Switzerland and China to become the country owns the sixth largest gold reserves in the world. Increase hold gold as part of a strategy to diversify Russia's foreign exchange reserves at 439 billion dollars out of this country which is mainly USD and Euro. One problem facing Russia is the country with may have difficulty in obtaining sufficient foreign currency to import due to ruble exchange rate plunged sharply, sanctions related to the crisis Ukraine, and the economy craters peek out from the recession. Foreign exchange reserves of Russia has plummeted from $ 509 billion at the beginning of this year to 439 billion on June 24/10 by the Central Bank of the country must continue to sell foreign currency to buy ruble plunged to stop the momentum of the domestic currency. This has led to fears that, if the sanctions of the West continue to maintain and Russia's foreign exchange reserves fell further, the ability to import goods and essential services of water This will be threatened. Last month, former Finance Minister of Russia and is the Chairman of the Commission initiative of the country's population, Alexei Kudrin, has warned in the newspaper Kommersant that reserves Exchange rest of Russia can only meet for 6 months of imports at current prices. Import turnover of Russia in 6 months the equivalent of about half the level of foreign exchange reserves of the country today. However, if Russia had to use foreign exchange reserves to meet the expenses of the government, then the rest just enough reserves to imports in about 6 months. The level of reserves sufficient for 6 months of imports is considered the concern to protect Russian citizens in danger of their lives into difficulties, the crisis became more serious and source of imports from abroad exhausted. It should be noted that, Russia imports large quantities of consumer goods such as butter, cheese and meat. With Russia's foreign exchange reserves are decreasing, then import the 6 months is not even guaranteed. So, could this be the reason why the Russian Central Bank to consider selling gold to exchange import operations. Unfortunately for Russia, this is the right time international gold prices tumbled sharply. In the session on 5/11, the price of gold fell to $ 1,140 / oz lowest in four and a half years. The more "black" than for Russia as the price of crude oil, the main export commodity of the country, has dropped below 80 USD / barrel, while Russia needs oil price 90 USD / barrel to balance the budget. Revenues from oil and gas exports contribute about half of the federal budget in Russia and about 10% of the country's GDP. As expected, the Russian Finance Ministry will propose spending cuts of about 10% in the period from 2015 -2018. Finance Minister Anton Siluanov it says, the government may have to carry out foreign exchange reserves enough to use new spending commitments. "reserves are not endless and the economic situation is worse This may deteriorate further, "he said Siluanov. 


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