The CBR declared no goal of growing the gold in reserves


Moscow. November 13. The Bank of Russia does not aim to reach a certain amount of gold in foreign exchange reserves, told reporters the head of the CBR Elvira Nabiullina.

“In terms of gold has no purpose. Our policy is to diversify our gold and currency reserves. This year and last year we also bought the gold,” she said.

Nabiullina also said that the CBR will buy currency in the market to replenish the gold and foreign currency reserves only with a stable market. “To enter the market with purchases will be only in the case of a stable foreign exchange market, and our purchases built in such a way as to minimize the impact on the intraday quotes of course, so as not to exacerbate the trends and not to create volatility. Let’s approach this fairly accurately,” she said, speaking in the state Duma.

Nabiullina noted that the Central Bank is “not hard target” to increase international reserves and is the desired benchmark of $500 billion, planned to be achieved not in three years, and 5-7 years or more.