Russia bans SWFs from holding US agency debt

Moscow has banned its sovereign wealth funds from holding US agency debt, declaring the paper too illiquid.

The Russian finance ministry said on Thursday it would invest instead in sovereign bonds. The news comes after the central bank said at the end of January that it had sold all of its agency debt.

US agency debt consists of paper issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks. All three are government-sponsored enterprises, an ambiguous term that has been taken by inve

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