Last Updated :
22 December 2009 at 15:05 IST
Russian central bank buys 30 tonnes of gold
MOSCOW (Commodity Online): Adding another reason for the gold prices to shoot up, Russia’s central bank has bought another 30 tonnes of gold for $1 billion as part of its efforts to increase its gold reserves.
The money will be used to help ease the crisis in the country’s budget. The cash slightly reduces Russia’s deficit — around 7.3 per cent of gross domestic product this year. The Central Bank is the only government body mandated to engage in foreign commodity and currency trade.
The deal marks the first large sale of gold from Russian coffers since the collapse of the Soviet Union. Russia is weathering its worst financial crisis in a decade.
Russia’s finance minister had said in October that Moscow was considering a gold sale on world markets to cash in on high prices as the government faces its first budget deficit in decade.
A finance ministry spokesman said the deal was struck last week.
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