Bank of Russia explains why country’s frozen reserves were kept abroad ...News

There was no other way to make debt and foreign trade settlements, according to the regulator The Central Bank of Russia (CBR) explained on Friday why half of the country’s foreign currency reserves were being held abroad, which enabled their seizure by Western governments. Foreign exchange reserves were deliberately divided into two halves, one of which was dollar and euro assets, CBR’s first deputy chairman Dmitry Tulin told business daily RBK. Those assets were actively used in domestic money circulation, so the regulator had to play the role of a “wholesale warehouse,” he explained. “The fact that, by the begi

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