The Central Bank has kept the promise of its Chairman Sergey Ignatyev, publishing a survey on the management of Russia’s currency reserves.
Photo: Dmitry Dukhanin
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Central Bank Reveals Currency Reserves Data
The Bank of Russia on Tuesday released a report on the country’s currency assets, showing that Russia keeps its savings not only in U.S. dollars, euros and British pounds but also in Japanese yens and Swiss francs. Russia’s investments have once again produced very low yield.
The Central Bank kept the promise of its Chairman Sergey Ignatyev and published Tuesday the first survey on the management of Russia’s currency reserves. As the worth of gold and currency reserves was approaching $300 billion, the public has started to question the efficiency of its use. Duma deputies and the Audit Chamber have mentioned possible ways to manage the reserves. Publishing the report, the Central Bank has given a kind of reply to the criticism.
The report reveals the composition of Russia’s currency reserves, 51.5 percent of which is kept in the U.S. dollar, 38.6 percent in the euro and 9.8 percent in the UK pound while 0.2 percent is in the Japanese yen and the Swiss franc.
The Central Banks invests in bank depositaries and securities in the United States, Germany, the United Kingdom, France, Switzerland, Ireland and Denmark.
Russia’s investment portfolio, which consists of long-term securities, was worth $45.6 billion as of July 1, 2006. The operational one – with short-term securities – amounted to $195.4 billion. Last year, the yield on the U.S. dollar and euro operational portfolios was 2.28 percent and 1.29 percent, respectively. The yield on the investment part was much lower with losses in euro investments.
www.kommersant.com
All the Article in Russian as of Feb. 28, 2007
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