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. Last Updated: 07/27/2016

Reserves Structure Revealed

The Central Bank has disclosed the exact structure of its foreign currency reserves for the first time, which was largely in line with earlier estimates by the bank's officials.

The exact breakdown was published on the Central Bank's web site Tuesday, which said it had kept 51.5 percent of its foreign currency reserves in dollars, 38.6 percent in euros and 9.8 percent in pounds.

The rest was held in Swiss francs and Japanese yen as of June 30, 2006. Russia's gold and foreign exchange reserves hit $311.2 billion on Feb. 16, 2007.

The bank's First Deputy Chairman Alexei Ulyukayev said last week that the bank remained interested in further diversification of the currency structure of its reserves and was eyeing the Swiss franc and Canadian, Australian and New Zealand dollars.

The bank said as of June 31, 2006 that 38 percent of its reserves, the world's third largest, were invested in AAA-rated assets, 51 percent in AA-rated assets and 11 percent in A-rated assets. It said 29.4 percent of its currency reserves were invested in U.S. assets, 21.1 percent in German assets and 13.9 percent in British assets.

The bank said the dollar-denominated part of its portfolio yielded 2.03 percent in the first half of 2006, the euro-denominated yielded 1.06 percent and the sterling-denominated yielded 1.92 percent. The bank said it invested up to 80 percent of its reserve assets in short-term securities to counter the negative impact of interest rate increases in the United States, the euro zone and Britain.

It also said investment in short-term instruments allowed the bank to reinvest at a higher interest rate several times during the first half of 2006.