Gold and foreign exchange reserves of Russia: size, structure, dynamics

The gold and foreign currency reserves of Russia arestrategic reserve in the form of precious metals, diamonds, major convertible foreign currencies, reserve positions, special drawing rights, other highly liquid assets. It can be used by state monetary authorities to maintain the ruble exchange rate, finance the balance of payments deficit, support the domestic economy. It is formed from the reserves of the Government (Ministry of Finance) and the Central Bank.

The laws of the market do not presuppose a stable,predicted, planned flow. On the contrary, peaks, recessions, cyclical development are natural for the modern world economy. To mitigate the consequences of a sharp fall, fuel the financial system, stimulate production, many countries accumulate part of their funds in national gold and currency reserves. Their global reserve is equivalent to $ 12 trillion.

Size by country

Gold and exchange currency reserves of Russia in 2014 (by 1August) amounted to 468.4 billion dollars. This is the sixth indicator among all countries. Such a large amount allows relatively painless transfer of economic downturns, invest in long-term prospective projects, use funds in emergency situations. It should be noted that the reserve at this historical stage is decreasing (by 4 billion over the last week of July).

• The greatest accumulation of the world's "locomotive" - ​​the People's Republic of China. The country is building up its strategic reserve. In 2013, it increased by 3.09%, reaching 3.8 trillion dollars.
• Three times smaller stocks in Japan: in February 2014 they were 1.288 trillion dollars.
• The European Central Bank in early 2014 had a reserve of 771.789 billion dollars.
• More than the gold and foreign exchange reserves of Russia, the reserves of Saudi Arabia and Switzerland.
• The US reserve in February 2014 amounted to 146.057 billion dollars (18th place).

Structure

The principle of forming a "gold and currency basket"presumes the presence in the reserve of the most liquid currencies, monetary gold and other precious metals, international financial assets. Exchange rates are interrelated, so if one currency in a pair becomes cheaper, the second - in proportion to more expensive. As a result, the reserve fund does not lose anything. The structure of Russia's gold and currency reserves is constantly changing, following the trends in the global economy. Previously, the reserves were based on precious metals and the US dollar. With the introduction of the pan-European currency, the euro was significantly pressed by the dollar.

Too high dependence on the US dollarcompels countries to diversify their reserves. Russia suggests that interested states take (create) an alternative to the global currency. At the same time, the share of the currencies of other leading countries is expanding in the basket. For example, the reserve was significantly increased by the Canadian dollar, British pound, Japanese yen.

• The share of foreign currency is about 85%. For example, in the 1st quarter of 2013, 44.7% was the US dollar, the euro - 40.3%, the pound sterling - 9.9%, the Canadian dollar - 2.3%, the yen - 1%.
• Monetary gold is 8.9%.
• Special means of borrowing - 2%.
• The IMF reserve positions are 1%.

Gold reserves

Russia's gold and foreign currency reserves are not only basedon the currency. Diamonds and precious metals are also part of the reserve structure. These are ingots of gold, palladium, silver, platinum. Gold is the most popular investment in the long term. Although its market value is subject to large fluctuations, in the crisis, the "yellow metal" becomes the most reliable means of payment.

Countries differently assess the feasibilityaccumulation of funds in gold bullion. On the one hand, they are indispensable in the face of a serious economic crisis and a possible war. On the other hand, they lie in the storehouses as a dead load, instead of working for the economy. For example, in the United States, more than 70% of the reserve is gold, and in China - 1.1%. Russia is the leader in gold reserves in the CIS - 1040.7 tons. However, it is 8 times less than stored in the US.

Volumes of gold reserves, 2014

Dynamics

The economy of the Russian Federation for the most part is built aroundextraction and sale of raw materials. The government has taken a principled position - it wants to get away from the model of raw materials economy and develop high-tech production. It will take years and multi-billion investments. So far, Russia's gold and currency reserves are based on the sale of minerals and their derivatives. A significant share in exports is hydrocarbons (oil, gas), petroleum products and metals.

Если проанализировать золотовалютные резервы Russia, the dynamics can be traced clearly. It strongly depends on the conjuncture for raw materials in the world, especially in Europe, the main consumer of Russian gas and oil. For example, in 1999, the historical minimum of the reserve fund was recorded - $ 10.7 billion. In the same year, oil prices were minimal over the past 25 years, fluctuating around $ 10 a barrel.

Historical maximum

By 2007, there was a sharp demand for oil.In July 2008, the record price of the “OPEC basket” was fixed (the arithmetic average of prices per barrel of various grades of oil) - $ 140.73. The cost of gas is tied to oil prices, respectively, and it soared to the skies. The government was not ready to master the rush of currency. Part of the windfall, it was decided to accumulate in the gold reserves. In August 2008, the size of Russia's foreign exchange reserves reached a historic high of 598.1 billion dollars.

Today's Day

The current foreign policy situation andLower prices for natural resources are forcing the government to use part of the reserves to maintain the economy, strengthen the army, and ensure food security. If the gold and foreign exchange reserves of Russia in 2014.03.07 amounted to 494.6 billion dollars, by August they dropped to 468.4 billion. Obviously, no reserves are foreseen for their increase in the near future. However, the net size of foreign exchange reserves is not an indicator of economic efficiency. If funds are spent on modernization, research, investing in investments, then the money spent today will return tomorrow in the form of new technologies, modern production, improving living standards, and improving the security of the country.