mo4ch:>Gold in, dollar out: Russia set to become world’s 4th biggest reserve holder | Mo4ch News

Russia is set to replace Saudi Arabia as the fourth biggest holder of foreign currency reserves, precious metals, and other securities, under the policy of ridding its economy of dollar-denominated assets due to US sanctions.The nation’s international reserves amounted to around $518 billion as of August 1, according to data by the Central Bank of Russia. The figure has been growing significantly for the past four years and is projected by Fitch Ratings to keep rising to $537 billion by the end of 2019, and $591 billion by 2021.Also on rt.comRussia’s credit rating soars to pre-sanctions level with reserves projected to reach $600 billionThe Kingdom of Saudi Arabia has around $527 billion at its disposal, according to Bloomberg news agency’s estimations.The top three countries with the largest foreign exchange reserves are China, Japan, and Switzerland.The Russian Central Bank underwent a major shift in its policy last April, when it started to drastically reduce its holdings in dollar…