INTENTIONAL DECREASE IN INTERNATIONAL DOLLAR RESERVES OF RUSSIAN CENTRAL BANK OCCURING




Mustafa AY- TDO-On Monday, the Bank of Russia issued a report on its international assets and financial actions. According to the report, the Central Bank of Russia deliberately lowered the dollar reserves to 34%, while the euro reserve increased by 32% and the yuan reserve by 14.7%. Russia's current yuan reserve is said to be 10% higher than the international central banks' yuan reserves.

Russia's such moves are interpreted as a precaution to inhibit imminent damage that might likely stem from US sanctions. Russia's seemingly striving for forming bilateral markets with each nation that they agreed on conducting business over national currencies. Recently, Russia has concurred with China, Turkey and nations that have affiliation with Eurasia Economic Union. Since Russia accomplished formation of bilateral market over local currencies, Moscow could stand a chance of de-dollarizing its economic and strategic allies existing in Europe, Eurasia and Asia. Through this way, Russia might take financial advantage over those abovementioned strategic allies and partners that will inflow investments from Russia.


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