Russia has halved the US currency share from its international reserves in one year, opting instead to increase gold, yuan and euro holdings, recent data from the country’s central bank shows.
© Global Look Press
The greenback share fell from 43.7 percent to 23.6 percent in 12 months from March 2018, the Central Bank of Russia (CBR) said in its report released on Tuesday. The document was published with six month delay due to “high price sensitivity to the actions of major market participants,” including the CBR itself, the regulator explained.
© The Central Bank of the Russian Federation
Chinese currency saw the biggest boost in Russian foreign reserves with yuan holdings surging from 5 percent to 14.2 percent.
The euro accounted for 30.3 percent of Russia’s international holdings at the end of March, rising by 8.1 percent year-on-year.
Meanwhile, gold reserves jumped from 17.2 percent to 18.2 percent.
Ditching the dollar and the diversification of national reserves comes as Russia attempts to cut its economy’s reliance on the US currency amid Washington’s sanctions.
Moscow continues boosting its foreign exchange and gold assets, adding $27.2 billion to its coffers to reach $487.4 billion in the reported period. Driven by foreign currency acquisitions as well as gold purchases, Russia’s international reserves have topped half a trillion since then, and stood at $532.6 billion as of September 20.
Bring it down to the minimum possible, of you can restrict its use among ordinary citizens it'll be better, that's just to save them from the imminent collapse of the highly inflated dollar, especially now after the global shift in military power, the US wouldn't be able to threaten countries into adopting its current.
We've seen Iran bring down the US military pride and challenge them into open confrontation they and their lackeys ran away from, Saudi being hammered by the Yemenis, and Israel put on check by Hezb Allah.
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