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RT — Russian central bank reveals how it braced for Western dollar grab

Summary:
The Bank of Russia had been preparing for an escalation of Western sanctions since 2014 and was beefing up additional funds as a hedge against future restrictions on its foreign exchange reserves, the regulator revealed on Wednesday.Amid “increasing geopolitical risks” the central bank ramped up investments in assets “that cannot be blocked by unfriendly nations” and transferred part of its reserves to gold, Chinese yuan and foreign currency in cash, the regulator announced in its annual report.The central bank managed to stash billions of imported dollars “in volumes limited by logistics capabilities,” the report said without specifying the amount of accumulated funds. Alternative reserves in dollars and gold bars have been stockpiled in the vaults of the Bank of Russia.“This safety

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The Bank of Russia had been preparing for an escalation of Western sanctions since 2014 and was beefing up additional funds as a hedge against future restrictions on its foreign exchange reserves, the regulator revealed on Wednesday.

Amid “increasing geopolitical risks” the central bank ramped up investments in assets “that cannot be blocked by unfriendly nations” and transferred part of its reserves to gold, Chinese yuan and foreign currency in cash, the regulator announced in its annual report.

The central bank managed to stash billions of imported dollars “in volumes limited by logistics capabilities,” the report said without specifying the amount of accumulated funds. Alternative reserves in dollars and gold bars have been stockpiled in the vaults of the Bank of Russia.

“This safety cushion was created in the form of alternative reserves – less liquid and convenient in everyday life, but more reliable in the face of a tough geopolitical scenario,” the regulator explained....

RT — Question More (Russian state-sponsored media)
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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