MOSCOW, February 11. /TASS/. Physical gold reserves with Russian banks dropped at the turn of 2014 and credit institutions held 38.1 metric tons of gold as of January 1, 2025, half the amount in 2023, RBC news outlet reports, citing data from the Central Bank.
Accounts showing balances in precious metals and gems held 325.4 bln rubles ($3.4 bln) as of January 1, 2025, the news outlet said. The gold volume as of January 1 became the lowest since July 2022. According to the Central Bank, balances in precious metals accounts fell by 23.6% over 2024. In terms of physical gold, the decline was 46.4% or more than 33 metric tons.
Such a dramatic drop was last seen in 2020, when precious metals with Russian banks in terms of gold decreased by 34.5 metric tons amid the crisis and the COVID pandemic.
The number of Russian banks dealing with physical gold is not known, RBC noted. Transactions with refineries and miners did not decline in volumes, but the high key rate of the Bank of Russia affected customer behavior, a source from a bank ranked in the Top 50 told RBC.