Bloomberg calculates Russia's loss from dollar dump

Bloomberg calculates Russia's loss from dollar dump

The first year of experiment in diversifying away from the U.S. dollar cost Russia about $7.7 billion in potential returns, Bloomberg reported.

Russia’s central bank added exposure to underperforming currencies such as the euro and yuan just as it missed out on a 6.5% rally in the greenback. 

If it had maintained the previous dollar-heavy structure of it $531 billion reserves, gains for the year through March would have totaled around 3.8%, according to Bloomberg calculations.

The agency noted that Russia’s central bank publishes the data with a six-month lag, so more recent numbers are not yet available.

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