Russia intends to purchase the currency of friendly states in the amount equivalent to $ 70 billion to slow down the growth of the ruble. First of all, it is planned to purchase Chinese yuan.

According to Bloomberg with reference to the draft government decree, the amount of funds will be about 4.4 trillion rubles. The corresponding plan received support on August 30 during a meeting attended by senior officials of the government and the Bank of Russia, including the head of the financial regulator Elvira Nabiullina.

Previously, Russia kept these funds in dollars and euros as a safety cushion.

"In the new situation, it is extremely difficult and impractical to accumulate liquid foreign exchange reserves in case of future crises. The frozen $300 billion has not helped Russia; on the contrary, it has become a vulnerability and a symbol of missed opportunities," the presentation of the special meeting says.It is specified that Russia will purchase currencies of friendly states.

However, at the moment, the implementation of this mechanism is problematic, since the sale of assets in yuan "requires a separate agreement with China, which will be very difficult to achieve in a crisis."

Read more interesting news in our Telegram channelAuthor: Alexander Baigazin

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