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Russian Central Bank Governor Elvira Nabiullina says that the country is struggling to find an alternative to the frozen foreign currency reserves, calling for a look into the future.
Source: Markets Insider
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Nabiullina notes that the legal counter that may be resorted to must be thought through well to achieve the desired outcome.
The central bank chief says that the impact of sanctions is moving from the financial markets to the real economy. She estimates about two years before Russia can go back to about a 4% inflation rate.
Before Russia’s invasion, 11% of its foreign reserve holdings were in dollars, having added yuan and euro. More than a third of the reserves are in euro with additional pounds and yen.
The country has since been forced to hike interest rates and impose stringent capital controls after all the reserves were frozen. It has also limited the amount of transferable foreign reserves.
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