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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Russia reserves drop; banks convert currency accounts

Posted on 13 February 2009

From Georgiandaily.com: Russia’s international reserves fell last week after the central bank raised a key interest rate, forcing banks to convert foreign currency held in accounts with the central bank back into rubles to sustain daily operations.

The world’s largest reserves stockpile after China and Japan dropped $4.6 billion to $383.5 billion last week, after rising $1.6 billion in the week ended Jan. 30, Bank Rossii said in an e- mailed statement today….. Full Article: Source


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