Subject The article addresses the issue of strengthening the role of gold under economic instability. Objectives The aim is to investigate the importance of gold and prospects for its share increase in the structure of gold and foreign exchange reserves of the country. Methods The study employs scientific methods like economic analysis, statistical and economic method and systems approach. Results Today, the biggest part of Russia's international reserves consists of foreign currency assets. The share of monetary gold is about 13%. Gold reserves denominated in dollars are constantly increasing. The increase may occur not only due to physical increase in the share of gold, but also vary depending on its market price. Conclusions and Relevance The policy pursued by the Central Bank of the Russian Federation in terms of acquisition of the precious metal in the domestic market is competent and constructive. On the one hand, it supports national producers, on the other hand, it injects money in the economy through gold miners, and finally, it increases the proportion of gold reserves in the international reserves of the State. The Bank of Russia should probably take additional measures to enhance the investment culture among citizens. In situations, when the country needs to raise additional funds, the Bank of Russia could try to use international experience and produce one ounce gold coins (31,103 grams) to offer them to the population.
Keywords: gold, international reserves, monetary gold, gold reserves, Bank of Russia
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