Introduction of gold-backed ruble might be significant shift...| MENAFN.COM

Sunday, 03 July 2022 09:25 GMT

Introduction of gold-backed ruble might be significant shift


(MENAFN) The Bank of Russia started gold purchases the current week, but more crucially, between March 28 and June 30, the regulator is going to do so at a set price of 5,000 rubles (USD59) per 1 gram, increasing the prospect of Russia returning to the gold standard for the first time in almost a decade.

If the nation takes the next step, as suggested the current week, of selling its ruble-denominated commodities, the ruble, the United States dollar, and the inernational economy might be severely impacted.

RT chatted with Ronan Manly, a precious metals analyst at BullionStar Singapore, to obtain some explanations.

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