Russia Central Bank Wants to Boost Its Gold Supply by $500 Billion Over the Next Few Years

Russian central banker Elvira Nabiullina is my hero, any banker who respects gold so much is my heros.

Speaking at a banking conference in St Petersburg, Russia, the chairwoman of the Bank of Russia said  the current level of Russia’s reserves look sufficient but the country would need coffers big enough to cover possible “substantial capital outflows over two or three years.”

Specifically, Russia will increase its gold reserves by up to $500 billion, said  Nabiullina,  Rossiyskaya Gazeta reported.

Currently, Russia owns $360.5 billion worth of gold reserves

-RW