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Russia Announces to Double Gold and Foreign Currency Acquisition

Friday, 5 April 2024, 23:47 PM

BRICS: Russia Makes Major Financial Announcement

Joshua Ramos  April 4, 2024

The global economic landscape has undergone a massive shift over the last several years. One of the most important catalysts of that change has been BRICS, whose 2024 Chairmanship holder, Russia, has made a major financial announcement regarding its financial plans for the coming year.

The country’s Finance Minister said that it will more than double its acquisition of both gold and foreign currency throughout April. According to a Reuters report, the ministry said it would “buy the equivalent of 235.3 billion roubles ($2.6 billion), or 11.2 billion roubles per day” of foreign currency and gold.”

Russia to Double Gold and Foreign Currency Acquisition in Coming Month

Throughout the last year, the global economic sector has embraced a shift in perspective. Amid concerns regarding the US dollar, Central Banks across the globe have further embraced alternative currencies, and gold acquisition as a haven asset. Specifically, this diversification has worked as a protection against the greenback’s fragile position.

That shift was first enacted and brought to the forefront by China and Russian action. Now, amid BRICS de-dollarization plans, Russia has made a major financial announcement regarding its finance strategy. The country states that it intends to double its gold and foreign currency acquisition in the month ahead.

The report notes that the Central Bank is conducting “forex interventions” on behalf of the Finance Ministry. Moreover, they note that they have begun selling forex- or foreign currencies- to make up for funds that were spent “from Russia’s rainy-day wealth fund in 2023.”

Therefore, Russia is set to be a net foreign currency seller throughout the coming month. However, that will be at a far lower volume than took place in March. Overall, the decision to double gold and foreign currency purchases will bring the overall net foreign currency interventions closer to zero.

Conversely, the move still is important to the overall global dynamics of foreign exchange currency. As previously stated, Russia and China were the drivers of gold acquisition that pushed the asset to landmark prices in 2024. Moreover, they have driven local currency promotion through the BRICS bloc as a pinnacle model of economic infrastructure.

All of these realities will continue to challenge the global reserve status of the US dollar in the long term. Moreover, the United States debt increase is a cause for concern. Additionally, the greenback should continue to see decreases in overall acquisition globally in its current state.

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Mnt Goat   Like the unfolding of the season of Spring we are slowly seeing the sovereignty of Iraq coming to a reality and not just on paper but in tangible evidence.

Pimpy  Article: “Iraqi economy faces threat as US closes oil revenue account”  This latest move by the United States is something I’d be a little concerned about…Why the hell would you do that…?  Maybe Biden is going to tell Iraq, ‘You don’t need these accounts no more.  We’re going to go ahead and turn everything over to you.  All this is now in your control.‘  Which would be good for Iraq…It would be a big move on the United States part to go ahead and turn over all of that money to Iraq…

BREAKING NEWS ZIM Global Currency Shift

Banking Crisis Begins As MAJOR Warning On 5 Banks Signaled By S&P 500

Atlantis Report:  4-5-2024

The US banking system’s fragility has been brought to attention once again. The S&P 500 has issued a chilling warning that has sent shockwaves through the banking industry.

 The renowned index tracking agency has downgraded five major regional banks. This move has raised alarm bells across the sector, with many citing mounting concerns over their exposure to the commercial real estate market and looming loan maturities.

The recent development has raised concern about the possibility of another banking crisis similar to the one that occurred during the Great Recession.

Today, we will examine the imminent banking crisis and the fate of these five regional banks.