Putin Running to Keep Still as Euro, Gold Foil Reserves Push
by Olga Tanas and Vladimir Kuznetsov
Bank of Russia Governor Elvira Nabiullina picked the wrong time to load up on gold and the euro.
The miscalculation means Russia is now down $300 million in its quest to raise international reserves, an effort it suspended Tuesday amid a rout in the ruble, after it spent about $10 billion on foreign currency since mid-May.
What the 51-year-old central banker was up against is this year’s slide of more than 9 percent in the euro against the dollar and gold’s 8.3 percent in 2015. Both declines hurt because Russian reserves last year contained more euros than dollars for the first time since 2008 and its bullion hoard has tripled since 2005.
more:
http://www.bloomberg.com/news/articles/2015-07-29/putin-running-to-stand-still-as-euro-gold-stymie-reserves-drive
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