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Russian central bank sees no need to raise gold holdings

Section: Daily Dispatches

By Anastasia Lyrchikova and Elena Fabrichnaya
Tuesday, October 18, 2022

MOSCOW -- Russia's central bank sees no need to raise gold holdings in its gold and foreign exchange reserves, its deputy governor, Alexei Zabotkin, said Tuesday, shrugging off a plea from gold miners to increase state purchases amid Western sanctions.

The association of the Russian gold producers told a meeting of officials at Russia's upper house of the parliament on Tuesday that the government should support the industry with purchases amid sanctions on the Russian banks and disrupted exports.

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"In terms of accumulating gold in gold and foreign exchange reserves, this is something that is not advisable at the moment, because it would create additional impetus to the growth of the money supply," Zabotkin told the same meeting.

He said that Russia's central bank made gold purchases on the domestic market in March and April, but those "were small volumes."

Sergei Kashuba, the head of Russia's Gold Industrialists' Union, told the meeting that the central bank's purchases in the spring were carried out with a 12-15% price discount to London gold prices. ...

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