Russia Is Overstating The Funds At Its Disposal

"WE HANDLE our gold and currency reserves and government reserves sparingly." So said Vladimir Putin on November 13th. Mr Putin is wrong. In the past year Russia's foreign-exchange reserves have fallen by 20% as the central bank has tried to prop up the rouble. They stand at around $370 billion, with $12 billion more at the IMF (see chart).

 

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