Cbank: Gold reserves of Russian banks fall 38.1% in Jan 1–Feb 1

MOSCOW, Apr 11 (PRIME) -- Gold reserves in vaults of Russian banks plummeted 38.1% between January 1 and February 1 to 36.7 tonnes, as seen by PRIME on Wednesday in reports of banks published on the central bank’s website.

Top bank Sberbank cut its gold reserves by 50.2% to 2.9 tonnes in the period, while the country’s second largest bank VTB reduced the reserves by 41.5% to 23.9 tonnes. Reserves of Gazprombank shrank 18.3% to 4.3 tonnes.

Maxim Osadchy, director of the research department at Corporate Finance Bank, told PRIME that Russia’s gold reserves rose 2.4% to 1,882 tonnes in the period.

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