Central banks divided on how Russia sanctions will hit reserve currencies

Non-European central banks more likely to expect a growing role for renminbi in reserves portfolios

Central banks are divided over how sanctions on the Bank of Russia will affect the role of major reserve currencies, shows data from the Reserve Benchmarks 2022.

Among the 41 central banks that addressed this question, 29.2% said they thought sanctions will reduce the share of the dollar in global reserves portfolios. The percentage of institutions that shared this perspective among high income countries was 29.4%, and in countries below a high income level it was 29.2%.

The data shows a

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