from Follow the Money

Russia, stabilizing speculator?

October 16, 2006

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Blog posts represent the views of CFR fellows and staff and not those of CFR, which takes no institutional positions.

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It seems the Russian central bank has been buying yen when no one else wanted too …

Interesting.   At one time, Russia was a source of global financial instability.   Now, well, it is a big part of the global market.   Nothing like almost $270b in the bank.

Incidentally, the valuation gains Russia’s central bank reported on its reserves in q2 imply that it was holding a bit more than 45% of its reserves in dollars.   At least at the beginning of q2.    But it could have shifted away from the dollar during the course of q2.   Who really knows.

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