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9. Russia

Value of reserves: $44.8 billion
Holdings total: 960.1 tons

The Central Bank of the Russian Federation is in charge of the country’s 960.1 tons of gold, which are valued at $44.8 billion and comprise 9.2 percent of the country’s foreign reserves.

In 2009, Russia increased its gold production by 21 percent, due in part to the launch of several new mines. In 2010, the country overtook Japan in total holdings, adding more than 140 tons to its stockpile in that year alone. Russia's buying of gold continued in 2011, purchasing 4.9 tons in July, according to the IMF's August report.

Source: IMF, World Gold Council, with conversions by CNBC | Photo: AP