Ousmène Mandeng is a visiting fellow at the London School of Economics. In this post, he talks about a potential side effect from the decision to cut Russia’s central bank off from a sizeable chunk of its foreign-exchange reserves.
The sanctions imposed by Western authorities on the Central Bank of Russia were worth it. Yet they may also make other central banks rethink how and where their foreign exchange reserves are held.
Central bank reserves are the ultimate rainy day fund, kept as insurance to fight market turmoil. They are also large.
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