Russia's Central Bank said Wednesday it had boosted the amount of euros and reduced the amount of U.S. dollars in its foreign currency reserves in the first three months of the year.
The Central Bank releases data on its foreign currency holdings with a time lag of several months to minimize its impact on the forex market. The bank has said it intends to diversify its forex holdings away from the dollar and towards emerging market currencies.
The Central Bank said in a document on its website it had reduced the amount of dollars in its forex reserves from 45.4 percent on Dec. 31 2013 to 43.3 percent by March 31 this year.
The bank also said it had increased the amount of euros in its reserves to 43.7 percent by the end of March from 41.1 percent at the end of last year.
At the start of 2014, the Central Bank had 44.8 percent of its reserves in dollars and 41.5 percent in euros, the bank said in a separate annual report for last year.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
