The Bank of Russia introduces a new method of financing for banks: they will be able to lend to the Central Bank against gold guarantees. The measure to provide banks with liquidity is being introduced amid rapid growth in precious metal prices and high investment demand due to market volatility. The Bank of Russia begins … Read moreThe Central Bank of the Russian Federation will lend to banks secured with gold
Central banks in developing countries bought more than $ 10 billion in gold this year for their foreign exchange reserves, meaning a loss of confidence in Western countries ’debt bonds and currencies like the euro and dollar. Data from the International Monetary Fund (IMF) in June 2011 showed that Thailand had already bought gold twice … Read moreCentral banks actively buy gold
The Association of Russian Banks complained to the Central Bank about the shortage of investment coins made of precious metals. This is stated in an open letter sent on July 23 by the head of the Association Garegin Tosunyan to the head of the Central Bank of the Russian Federation Elvira Nabiullina.
Central banks in many countries increased their gold holdings by more than 2% between 2008 and 2010, according to a report by Qatar-based financial company QNB Capital. Mostly gold was bought by the central banks of developing countries: Brazil, Russia, India and China, as well as the countries of the Middle East. An especially significant … Read moreCentral banks increase gold reserves