Reduction of dollars’ share in Central Bank of Russia reserves not to affect KR
The policy pursued by the Central Bank of Russia in managing international reserves has no direct influence on the currency market of Kyrgyzstan. The press service of the National Bank of the Kyrgyz Republic informed 24.kg news agency.
Recall, the Central Bank of Russia reduced the share of dollars in its international reserves by almost a quarter. About $ 100 billion of the foreign exchange reserves were changed into euro, the Chinese yuan and the Japanese yen. In such a way the bank is trying to insure against a new round of U.S. sanctions.
The National Bank of Kyrgyzstan noted that not only the Central Bank of the Russian Federation, but also banks of other countries are selling / buying foreign assets based on the goals set for them. In other words, central banks can invest reserves in government bonds of foreign countries, and they can keep them directly in different currencies, which are generally U.S. dollars.
«The international reserves of Kyrgyzstan include assets in gold, special drawing rights and a portfolio of foreign currencies. The currency portfolio includes U.S. dollars, euros, Swiss francs, British pounds, Australian and Canadian dollars, Norwegian krone, Japanese yen, Chinese yuan, Singapore dollars, Korean won and Russian rubles,» the National Bank told.
