RT.com
26 Nov 2022, 20:27 GMT+10
The country's holdings, including those frozen by Western sanctions, have surpassed $540 billion
Russia has risen to fourth place among the world's largest economies in terms of foreign exchange reserves, RIA Novosti calculations published on Saturday show.
In the first nine months of the year, Russia's holdings, including those frozen by the West due to Ukraine-related sanctions, rose to $540 billion, Central Bank data shows.
This allowed Russia to displace India, which had occupied fourth place since last summer. India's holdings as of the end of September amounted to $532 billion. The two countries have been competing with each other on this indicator since 2015.
China retained its perennial leadership in terms of international reserves, with a staggering $3.193 trillion in assets at the end of September this year. Second place was held by Japan with $1.238 trillion, and Switzerland came in third with $892 billion in assets.
According to the report, an interesting trend was seen in the lower half of the top ten, in which emerging economies outpaced their developed-market counterparts. Hong Kong was displaced by Saudi Arabia as the sixth largest holder, Brazil moved up to ninth place, pushing Singapore down to tenth. South Korea dropped to number seven.
Germany and the US retained the 11th and 12th spots from last year respectively, with France moving up to 13th, followed by Italy. Mexico moved up three spots to number 15. Thailand, the UK, Israel, Poland, and the Czech Republic rounded out the top 20.
READ MORE: Russia boosts forex reserves
The study was conducted by RIA Novosti based on data from the central banks of the 90 largest economies in the world as of 2021. The final sample included the 50 economies with the largest reserves, which disclosed their data for September in mid-November.
For more stories on economy & finance visit RT's business section
Get a daily dose of Hong Kong Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Hong Kong Herald.
More InformationWASHINGTON D.C.: Republican US Senator Josh Hawley has said that he plans to introduce a bill to ban the use ...
BANGKOK, Thailand: Following China's reopening and the end of its strict COVID-19 restrictions, businesses on Thailand's holiday island of Phuket ...
© Provided by Xinhua HANGZHOU, Jan. 29 (Xinhua) -- Chen Jia doesn't often cook, but she still managed to prepare ...
Washington [US], January 29 (ANI): US Customs and Border Protection (CBP) is scrutinizing imports from China's Xinjiang region under a ...
New Delhi [India], January 29 (ANI): External Affairs Minister S Jaishankar on Saturday said that he is not sure if ...
PARIS - Iranian Olympic skier Atefeh Ahmadi has quit her home country and applied for asylum in Germany, a Persian-language ...
RESTON, Virginia: Amidst labor and supply shortages, US defense contractor General Dynamics forecasted weak 2023 results, though strong demand for ...
ATLANTA, Georgia: In light of its significant debt, the slowing economy and rising interest rates stifling consumer demand, US mattress-maker ...
BENTONVILLE, Arkansas: To attract and retain employees in a tight domestic labor market, Walmart has announced that it it will ...
NEW YORK, New York - U.S. stocks hesitatingly continued higher Friday, reflecting widespread gains, albeit modest ones, across the globe."We're ...
NEW YORK CITY, New York: As early as this year, lab-grown meat could be served in some restaurants in the ...
BANGKOK, Thailand: Following China's reopening and the end of its strict COVID-19 restrictions, businesses on Thailand's holiday island of Phuket ...