Economics
Bank of Russia Wants State Companies to Ditch ‘Toxic’ Currencies
- Sanctions left Russia isolated and exposed currency risks
- Central bank urges switch to currencies of friendly states
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Russia’s central bank wants the government to order state companies to convert their foreign-exchange holdings into the currencies of countries that haven’t joined sanctions imposed over President Vladimir Putin’s invasion of Ukraine.
The proposal aimed at discouraging businesses from using what the Bank of Russia called “toxic” currencies as part of a broader de-dollarization effort is among steps laid out in a report it published Thursday for public discussion.