You are here

Putin's big dollar dump cost Russia nearly $8 billion in one year

Section: Daily Dispatches

By Natasha Doff
Bloomberg News
Tuesday, October 15, 2019

https://www.bloomberg.com/news/articles/2019-10-15/putin-s-big-dollar-du...

The first year of President Vladimir Putin's experiment in diversifying away from the U.S. dollar cost Russia about $7.7 billion in potential returns.

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.

... Dispatch continues below ...



ADVERTISEMENT

Transfer Assets and Own Gold and Silver Coins
and Bars in the Safest Way

GoldCore's mission statement since 2003 has been to protect and grow the wealth of our clients, and given growing monetary, cyber, and systemic risks, it is increasingly important to take delivery or have legal title and outright ownership of fully segregated coins and bars.

On all investment and pension purchases and gold and/or silver coin and bars transfers (from banks, ETFs, and digital gold providers) worth more than $10,000 stored in GoldCore Secure Storage in Zurich, Switzerland, we are now offering Secure Storage for free for six months and the gift of a silver bullion coin -- a beautiful, legal tender, 1-ounce Silver Eagle.

GoldCore does not report transactions to any authority, and safety, privacy, and confidentiality are paramount when we are entrusted with safekeeping of our clients' precious metals.

Please visit GoldCore here for more information about this offer:

https://info.goldcore.com/zurich-gold-silver-storage-goldcore-exclusive-...

Key information regarding GoldCore Secure Storage, our partner vaults and jurisdictions, and storage rates is here:
www.goldcore.com/us/services

For further information, please email the GoldCore team at info@goldcore.com or call our trading desk:

U.S.: +1-302-635-1160

U.K.: +44(0)203-086-9200

International: +353(0)1-632-5010



"This is the economic cost of addressing geopolitical concerns," said Elina Ribakova, deputy chief economist at the Institute of International Economics in Washington. "It's hard to judge yet if it was worth it. There was a cost this year, but it's a long-term investment." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-10-15/putin-s-big-dollar-du...

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Friday-Monday, November 1-4, 2019

https://neworleansconference.com/noic-promo/powellgata/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16