Russia continues dollar shopping spree
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Russian FX reserves rose a staggering $11 billion in the week to March 23, bringing the average monthly increase up to $12 billion: second only to China in terms of FX reserves growth. Unlike China, the Central Bank of Russia (CBR) is reasonably transparent with the composition of its FX reserves, with as much as 50% invested in non-USD currencies. Sustained growth in Russian FX reserves will continue to highlight the mismatch between USD receivables and investment preferences for both EUR and
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