Russian wealth fund down to $53.236 billion
Russian wealth fund down to $53.236 billion
To be clear it is not hold in $, but in RMB, gold and rubel. Before the war in held $174billion, so a massive decrease.
They also held 293.189 tonnes of unallocated gold, compared with 298.84 tonnes on August 1, 303.579 tonnes on July 1 and 329.795 tonnes on June 1.
So they sold almost 40 tonnes of gold in 4 months? I approve that trend.
Can we get it down to $0?
Probably not, because Russia will cut other spending or increase taxation or something prior to that. They're going to want some amount of reserves.
That being said, what's probably interesting to most is constraining Russia's spending on the war, and that happens if Russia isn't willing to let reserves fall below a given point.
There’s only so many shell games they can play before the house of cards starts to come down. They are HURTING economically and financially. It’s not sustainable for them. This whole war was a giant gamble, and the longer it goes, the worse the odds for Russia. Granted, they’re not great for Ukraine either as time progresses, but they don’t really have a choice in the matter. As long as Ukraine can hold out reasonably well for the foreseeable future, I’m actually pretty optimistic for them in the long run.
But but... Sanctions aren't working ?
Something something war time economy too
It's good that they can just print more rubels to fill the gap! /S
They can, but they are already dealing with high inflation and extremely high federal interest rates to try to stamp it down. Printing your way out of the problem will likely produce a larger problem.
Putin will probably go for it rather than admit he made a horrid choice two years ago.
high inflation
goes to look
It's at 9.1% as of last month. That's way up from around 5.1% last year, but...it's definitely rising quickly, and it'd be very high for folks here in the US, but it's not that high relative to what Russia has done in the past.
https://tradingeconomics.com/russia/inflation-cpi
It was at something like 17% in early 2022, 16% in 2015.
And like 2,300% in December 1992, though I would assume -- hope -- that the Kremlin wouldn't try to intentionally induce a situation like that with the aim of prolonging the war.
You mean they will go for printer go brr?
Yes, please!
Seriously that is actually a problem. The gold is worth $23.7billion or so. Some of the rest will be in RMB, but I can not tell how much. Russia can always print Rubel and force its industry to take it.
wealht
Lemmy, unlike Reddit, does let an OP edit a post to correct typos in titles.
I dunno about mbin and other implementations.
done thanks
Thank you!