Russia’s total external debt has fallen by 1.8% in the first quarter of the year, and was worth $ 459.3 billion as of April 1, data from the central bank shows.
The nation’s foreign debt totaled $ 470.1 billion as of January 1. It has been dropping since mid-2014, when it reached its peak of around $ 733 billion in the wake of US and EU sanctions.
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At the same time, Russia has been boosting its foreign reserve holdings, which stood at $ 574.8 billion as of April 2.
The holdings, which are highly liquid foreign assets comprising stocks of monetary gold, foreign currencies, and Special Drawing Rights (SDR) assets, have been steadily growing in recent years and are higher than the half-trillion-dollar target set by the central bank. Despite the coronavirus pandemic, the reserves surged by over $ 40 billion last year.
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This article originally appeared on RT Business News