(Reuters) – Russia is taking into consideration purchasing up to $ 70 billion in foreign forex this year to retain the ruble at bay, in accordance to Bloomberg Information. The currencies of “friendly” nations around the world this sort of as the Chinese yuan are explained to be focused.
This was documented, citing multiple sources.
“In the new conditions, it is exceptionally complicated and unwise to accumulate extremely liquid overseas exchange reserves to get ready for foreseeable future crises,” states a proposal prepared for a conference of the Russian federal government and the central financial institution.
The Russian central lender was not promptly available for comment.