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Russia’s Foreign Ex Assets Lost Another $22bn
Russia’s foreign exchange assets lowered to $453.5 billion as of November 14, 2008, said representatives of foreign and PR department of the Central Bank of Russia (CBR). The amount shed by $21.9 billion vs November 7 ($475.4 billion).
When counting the country’s foreign exchange assets, the CBR omits its deposits with VEB, as well as any other foreign exchange-denominated money of the CBR kept in the resident banks. The respective amounts will be added to the foreign exchange assets when the borrowers pay them off.
CBR CEO Sergei Ignatyev announced yesterday that the dollar portfolio of Russia’s gold and foreign exchange stockpile yielded 3.9 percent over ten months, euro provided revenues of 5.3 percent, the yield of the pound sterling reached 6.2 percent and yen had 0.4 percent.
The current structure of the CBR reserves is as follows: the Japanese yen accounts for a bit more than 1 percent, dollar covers 45 percent, euro has roughly 44 percent and pound sterling accounts for 10 percent.
In an effort to support Russia’s ruble, CBR sold $57.5 billion from the foreign exchange assets in September and October. The revaluation of reserves lowered them by $30.1 billion and $14 billion were transferred to VEB and other banks to render them the financial assistance. The investment yield stood at $3 billion. Overall, the foreign exchange and gold reserves narrowed by $97.6 billion in September and October.
www.kommersant.com
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