Russia leads the world in gold purchases
The Bank of Russia in February 2016 became the largest buyer of gold among the world's central banks.
The Bank of Russia's coordinator bought 356,000 ounces (more than 10 tons) of the precious metal. That's according to data from the International Monetary Fund (IMF) report.
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The People's Bank of China came in second, buying about 320,000 ounces of gold. This is Chinese data (the IMF has not yet consolidated this data into its February statistics). Kazakhstan also continued to increase its gold purchases, with a volume of nearly 85,000 ounces.
The biggest seller of gold from foreign reserves, according to IMF data for February, was Türkiye, which sold about 1.2 million ounces of the precious metal (more than 7% of the country's gold reserves) during the month.
According to the latest data from the Bank of Russia, the country's foreign currency gold reserves are $386.9 billion.
According to Labor
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