ISLAMABAD – Russia’s foreign currency reserves in the US dollar have beenhalved in a year as the country seeks to increase holdings in currenciesother than the greenback to offset the impacts of the American sanctions.
The Thursday report on the website of the Russia-backed RT news channelsaid the share of the dollar in Russia’s international reserves haddecreased to 23.6 percent in March 2019, down from 43.7 percent a year ago.
Citing data provided by the Central Bank of Russia (CBR), the report saidMoscow had decided to increase holdings in gold, China’s yuan and the euroamid Washington’s rising use of the greenback to pressure trade andeconomic relations in other parts of the world.
The CBR’s holdings in yuan had increased from 5 percent to 14.2 percent inthe 12-month period, said the report, adding that euro reserves had surged8.1 percent year-on-year to stand at 30.3 percent. Gold reserves alsosurged slightly, from 17.2 percent to 18.2 percent, it said.
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The report said the data was published with a six-month delay mainlybecause the CBR feared earlier release could affect the markets and impactthe bank’s forex policies.
