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Switzerland's foreign exchange reserves consist of a significant portion of the reserves is held in major foreign currencies, including the U.S. dollar, euro, and Japanese yen. [205] Switzerland also has substantial gold reserves, providing a hedge against currency fluctuations and inflation. [ 205 ]
International Reserves of the Russian Federation are liquid assets held by the Russian Federation's central bank or other monetary authority in order to implement monetary policies relating to the country's currency exchange rate and ensuring the payment of its imports. The assets include foreign currency and foreign denominated bonds, gold ...
The central bank has confirmed that about $300 billion worth of assets have been frozen in the West. Total Russian foreign currency and gold reserves totalled $612 billion at the time.
This constituted about half of the $612 billion (€560 billion) total foreign currency and gold reserves held at that time by the Russian central bank. [2] By late July 2023, the amount of frozen Russian assets held in these countries was estimated at $335 billion (€300 billion). [9]
Russia could run out of liquid reserves as soon as this fall, one European economist has said. The nation's liquid reserves have dwindled to $31 billion, down from $117 billion in 2021.
Russian President Vladimir Putin and his government invested heavily in the euro and the dollar over the years to keep the ruble stable, planting $300 billion worth of foreign currency reserves.
The Bank of Russia dismantled the currency corridor two months earlier - on 10 November 2014, so as not to waste gold and foreign exchange reserves. [183] Ruble's Real Effective Exchange Rate remains in 2022–24 higher and stronger than in 1994 and 1998 [184] when the sharp devaluations happened relative to the foreign currency.
Since 1992, the Bank of Russia began to buy and sell foreign currency on the foreign exchange market created by it, establish and publish the official exchange rates of foreign currencies against the ruble. In 2006 capital controls mandate by the RCB began to ease, as confidence in the ruble mounted from the depths of the 1990s. [13]