Report: Russia can outstrip Saudi Arabia by gold reserves

MOSCOW, Aug 12 (PRIME) -- Russia’s foreign currency and gold reserves can exceed Saudi Arabian’s for the first time in eight years soon, Bloomberg reported on August 11.

“The Russian gold and hard currency reserves grew by 45% to U.S.$518 billion and are about to top Saudi Arabian reserves being the Kremlin’s leverage at production cut talks with the key oil producers,” the agency said.

The Russian reserves grew 45% over the last four years to U.S. $518 billion in June thanks to a tough budget policy and surplus. Saudi Arabian reserves fell to $527 billion in June due to social spending, the agency said.

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