Russia's Economy Is Tanking, So Why Is Putin Smiling?
- FX, gold reserves -- top priority for Kremlin -- on the rise
- Ruble sacrificed to focus on preserving, rebuilding reserves
The central bank held $379 billion in foreign exchange and gold as of Feb. 19, up $29 billion from lows touched last April, making Russia the only major emerging market with a gain.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
With Russia mired in the longest recession in two decades, there hasn’t been a lot of good economic news lately. But there’s one indicator that’s looking up, and it’s the one that matters most to Vladimir Putin: His hard-currency reserves.