September 28, 2016 / 1:00 PM / 4 years ago

Russian c.bank says has no aim to raise gold's share in reserves

MOSCOW, Sept 28 (Reuters) - Russia’s Central Bank is ready to continue buying gold from banks but has no quotas or objective to increase the metal’s share in its gold and foreign exchange reserves, the bank’s First Deputy Governor Dmitry Tulin said on Wednesday.

“We are not currently selling foreign currency from reserves but keep buying gold for which prices are rising, which has led to a rise of gold’s share in reserves,” Tulin told reporters.

“We don’t have an operational target of increasing gold’s share in reserves but it may grow naturally,” he said, adding the bank had made an offer to banks to buy gold. (Reporting by Yelena Fabrichnaya; Writing by Lidia Kelly and Maria Kiselyova)

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