Russia lowers USD share in the structure of its foreign currency reserve

Russia’s central bank lowers USD’s share from its foreign currency reserves citing external risks.

Ksenia Yudayeva, the First Deputy Governor of Russia’s central bank stated, it has lowered the share of dollars in its reserves citing a potential rise in external risks Moscow could face.

The United States has imposed several rounds of sanctions against Russia since its annexation of Crimea from Ukraine in 2014, including for interfering in the 2016 U.S. presidential election. Moscow denies the U.S. accusation of interference.

In a statement, the Russian central bank stated, it would consider economic, financial and geopolitical risks when assessing the country’s reserves.

“We have tried to bring this (reserves) structure into accordance with the risks we believe we may face,” said Yudayeva to members of the lower house of parliament, while presenting the central bank’s results for 2018. “This is why we significantly lowered the share of the dollar”.

In April 2019, Russia’s central bank had stated, the greenback had made up 22.6% of its foreign currency reserves at the end of September 2018 – down from 46.2% from a year earlier.

Russia’s central bank reports changes in its foreign currency reserves with a delay of six months.

Incidentally, in September 30, 2018, it had reported that the Chinese renminbi had accounted for 14.4% of its foreign currency reserves, up by 1.0% from a year earlier.

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