The Central Bank of Russia (CBR) said in its annual report that in 2020 it reduced the share of the euro, the dollar and the pound in the country’s international reserves in favor of gold, yuan and other currencies.
At the same time, Russia’s gold reserves surged to 23.3% from 19.5% a year earlier. The Chinese currency also saw a boost, with yuan holdings growing to 12.8%. The share of other foreign currencies increased by 0.8 percentage points to 7.2%, the regulator said.
Also on rt.com Russia’s foreign exchange reserves continue to rise despite sanctions & pandemic
According to the CBR, the Japanese yen accounted for 3.9% of Russia’s foreign holdings, Canadian dollars for 2.5% and Australian dollars for 0.8%.
In 2020, the value of the central bank’s assets in foreign currencies and gold increased to $ 588 billion.
Russia has been steadily diversifying national reserves since Washington began imposing sanctions in 2014, in order to cut its economy’s reliance on the US dollar. In 2019, the share of bullion holdings in Russia’s reserves surpassed US dollar holdings for the first time.
For more stories on economy & finance visit RT’s business section
This post originally appeared on RT Business News