The Bank of Russia (BoR) grew its forex war chest to $643 billion in December 2021, from $350 billion in 2015. As of June 2021, it held just 7 per cent of its assets in the US. Instead, it denominated 32 per cent of its reserves in EUR, 22 per cent in gold, and 13 per cent in the Chinese Yuan. In February, BoR seemed prepared for US sanctions, but Russia’s economy is now under immense strain.
The Reserve Bank of India (RBI) holds a record $682 billion in forex buffer. What should we learn from BoR’s experience? Does RBI hold
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