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 compiled this data into its February statistics). Also continuing to increase gold purchases was Kazakhstan, with a volume of nearly 85,000 ounces.
The biggest seller of gold from foreign gold reserves, according to IMF data for February, was Türkiye, which sold about 1.2 million ounces of the precious metal during the month (more than 7% of the country's gold reserves).
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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