Russia slashes dollar & euro from reserves in favor of gold & yuan

Sun, 20 Jun 2021

Russia slashes dollar & euro from reserves in favor of gold & yuan

RT.com
07 May 2021, 00:13 GMT+10

The Central Bank of Russia (CBR) said in its annual report that in 2020 it reduced the share of the euro, the dollar and the pound in the country's international reserves in favor of gold, yuan and other currencies.

Thus, the share of the euro in Russia's forex reserves decreased over the past year by 1.6 percentage points to 29.2% as of January 1. The share of the greenback dropped 3.3 percentage points, to 21.2%. The British pound's share was also slightly down - by 0.2 percentage points, to 6.3%.

At the same time, Russia's gold reserves surged to 23.3% from 19.5% a year earlier. The Chinese currency also saw a boost, with yuan holdings growing to 12.8%. The share of other foreign currencies increased by 0.8 percentage points to 7.2%, the regulator said.

According to the CBR, the Japanese yen accounted for 3.9% of Russia's foreign holdings, Canadian dollars for 2.5% and Australian dollars for 0.8%.

In 2020, the value of the central bank's assets in foreign currencies and gold increased to $588 billion.

Russia has been steadily diversifying national reserves since Washington began imposing sanctions in 2014, in order to cut its economy's reliance on the US dollar. In 2019, the share of bullion holdings in Russia's reserves surpassed US dollar holdings for the first time.

For more stories on economy & finance visit RT's business section

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Indianapolis Post.

More Information

73 ℉

Cloudy in Indianapolis

Business

Section

In move to expand in UK, JPMorgan purchases Nutmeg platform

LONDON, England: In a major move to enter the British retail banking and investment market, JPMorgan Chase has purchased British ...

Over 1,000 flights delayed due to Southwest Air computer glitches

DALLAS, Texas: Southwest Airlines was forced to temporarily stop operations and cancel 500 flights over "connectivity issues" on Tuesday, just ...

As machine orders jump, Japan sees sharpest rise in exports since 1980

TOKYO, Japan: Exports from Japan have registered the fastest growth since May 1980, as inoculations against the Covid infection revved ...

U.S. stocks dive on inflation fears, greenback stars on fx markets

NEW YORK, New York - Inflation fears punctured U.S. stocks on Friday with the industrial indices having their worst day ...

Study confirms U.S. vacation homes sold fast during Covid lockdown

CHICAGO, Illinois: The sales of vacation homes grew at twice the rate of other homes during the Covid pandemic.In a ...

Land Rover to test hydrogen as alternative to electric batteries

WHITLEY, Great Britain: To offer more zero-emissions car options, Jaguar Land Rover (JLR) will begin tests on a hydrogen fuel-cell ...

International

Section

Covid cases climbing in Africa; countries unprepared, says WHO

NAIROBI, Kenya: COVID-19 cases jumped over 20 percent in the past week in nearly two dozen African countries, according to ...

Critic of Apple, Amazon, Google appointed U.S. FTC chair

WASHINGTON, D.C.: Lina Khan, an antitrust researcher focused on Big Tech's massive power, was sworn in as chair of the ...

Russian law seeks to tighten control over U.S. Internet tech giants

MOSCOW, Russia: In a further tightening of its control over foreign social media platforms, the Russian parliament has passed legislation ...

Study shows 96% of doctors vaccinated against Covid

CHICAGO, Illinois: Greater than 96 percent of America's practicing physicians are fully vaccinated against COVID-19, according to the American Medical ...

Large increase in funding to enforce antitrust enforcement in new bill

WASHINGTON D.C.: With the introduction of a bill by U.S. Senators Michael Shumway Lee and Charles Ernest Grassley on June ...

Restrictions end, offices reopening in California

SACRAMENTO, California: California ended the majority of its Covid restrictions this week, with a few exceptions, such as wearing masks ...

Movie Review

Husbands