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9] – Bank of Russia interventions in the domestic FX market and monetary gold 0.4 0.1 0.0 0.1 purchases** – regulation of banks

both oil and gas exports and the exports of other goods, especially gold. Taking into account the overall impact of competing factors, the GDP forecast

872 Monetary gold 119,840 0 10,910 40 130,790 Gold bullion 119,840 0 10,910 40 130,790 Unallocated gold accounts 0

supported to a certain extent arrangements are observed. by global demand for gold which soared A steeper decline in the global economy amid the uncertainty

of the Bank of Russia- Sources: Rosstat, Bank of Russia calculations. implemented gold purchases also made a positive contribution to the growth of exports. Forecast

appreciation of gold. EXTERNAL DEBT As of 1 January 2020, the value of monetary As of 1 January 2020, Russia’s external gold was $110.

and gold assets by currency* Figure 11: Bank of Russia foreign exchange and gold assets by credit rating, % (% of market value) Euro US dollar Gold

their expansion owing to the revaluation resulting from the growth of world gold prices and the weakening of the US dollar, as well as other

both oil and gas exports and the exports of other goods, especially gold. Taking into account the overall impact of competing factors, the GDP forecast