Russia, despite sanctions, has risen in the ranking of countries with the largest gold and foreign exchange reserves
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Expert: “There are reserves, but we cannot use them”
In 2022, Russia ranked fourth in the world in terms of gold and foreign exchange reserves (GFR). The country ended the year with $582 billion ahead of India, whose reserves reached $563 billion. Recall that after the start of a special operation in Ukraine, Russian gold reserves were frozen by about $300 billion. life in the country. The expert told MK how to interpret the results of the rating.
– This information should be taken calmly: do not exaggerate its significance, but do not underestimate it either. There are indicators that characterize the dynamics of economic development much more accurately. For example, budget revenues, real incomes of the population, as well as the consumer price index. At the same time, the credit ratings of the state depend on how much gold and foreign exchange reserves a country has. If there are enough reserves, then the creditworthiness of the country is preserved. This affects the investment attractiveness. But it is also influenced by other factors that may outweigh in importance information about the volume of gold and foreign exchange reserves. For example, the unprecedented scale of Western sanctions.
You can see what gold and foreign exchange reserves the US has. In such ratings, the country is not in the lead. Not at all. Meanwhile, it is one of the two largest economies and the growth rate is quite good. However, they never sought to build up gold and foreign exchange reserves.
-Despite a year of sanctions pressure, Russia has not spent these reserves. How is this possible?
– All because of the current political situation. The jump in commodity prices helped to keep reserves.
-Part of Russian gold reserves has been frozen, but it is taken into account in the rating. It is correct?
-It’s like with a plastic card: the amount is blocked, but the money has not yet been debited. These reserves are frozen, but they still belong to us. These funds are absolutely justified to be included in Russia’s gold and foreign exchange reserves. But it is one thing to take into account, another – whether a country can use them or not. And we can’t use them at the moment. And you can’t forget about it.
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