mo4ch:>Russia’s gold & foreign currency reserves surge for third consecutive year | Mo4ch News

The Central Bank of Russia reports that foreign exchange reserves saw a significant boost of 8.3 percent over the 12 months through January 1 of the current year.Reserves reportedly grew to over $468 billion from $432 billion at the beginning of last January. According to the regulator, reserves grew for the third consecutive year. In 2017, growth totaled $55 billion, while 2016 saw an increase of $9.3 billion.The value of gold in the reserves increased by nearly five percent to $86.9 billion in December, with the share of the precious metal surging to 18.5 percent. Last year, saw the value of gold in Russia’s reserves grow by over $10 billion, marking an increase of 13 percent.The aggregate value of the national reserves grew by 0.6 percent to $381 billion in December, and showed an increase of 7.2 percent last year.Russia’s growing reserves in the last three years seem to point to an adjustment to economic sanctions imposed by the US and the European Union in 2014. Western penalties…