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Russian Central Bank buys domestic Gold

FXStreet (Mumbai) - The Russian Central Bank has been forced to absorb the domestic gold production, since the miners are finding it difficult to sell abroad due to western sanctions.

Due to sanctions, foreign banks which used to purchase Gold from the Russian commercial banks, such as Sberbank or VTB, are holding-off their purchases. Thus, the central bank has no choice left but to absorb the domestic gold production.

As per the data from World Gold Council, Russia has added nearly 115 tonnes of gold to its reserves in the year to date, against 77.5 tonnes in the whole of 2013 and 75 tonnes in 2012. Moreover, the Russian central bank could use the gold to pay for imports, if needed.

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