Russia Added Yuan, Euro to Reserves Before War, Cut Dollar Share
- Nabiullina says gold, yuan reserves sufficient after sanctions
- Central bank reduced dollar exposure further in late 2021
A U.S dollar sign in Moscow.
Photographer: Sergei Konkov/TASS/Getty Images
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Russia has enough holdings in yuan and gold even after the U.S. and its allies imposed sanctions on its reserves in dollars and other currencies, Bank of Russia Governor Elvira Nabiullina said in her annual report to parliament Monday.
Continuing a multi-year effort to reduce exposure to the U.S. currency, the central bank cut the share of dollars in reserves to 10.9% as of Jan. 1 from from 21.2% a year earlier. But euro holdings rose to 33.9% from 29.2%, the central bank said.