The head of the Central Bank Nabiullina confirmed the regulator’s access to only half of the gold and foreign exchange reserves
The head of the Central Bank, Elvira Nabiullina, confirmed reports that the Bank of Russia, under sanctions, has access to only half of its gold and foreign exchange reserves (GFR), writes Interfax.
“After the sanctions imposed on the Central Bank by Western countries, we now have the opportunity to manage about half of the reserves. This is gold, yuan, and they do not make it possible to manage the situation with the currency on the domestic market,” Nabiullina said. For this reason, strict currency restrictions and the requirement for the mandatory sale of foreign exchange earnings by exporters were introduced.
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