Page 51 - RusRPTAug23

In addition, a "substantial share" of central banks are concerned about the precedent of the West freezing nearly half of Russia's $640bn of gold and forex reserves, according to the survey.
Almost 60% of respondents said it has made gold more attractive while 68% are now keeping reserves at home, up from 50% in 2020.
"We did have gold held in London, but now we've transferred it back to own country to hold as a safe haven asset and to keep it safe," said one central bank, while Invesco noted that is a broadly-held view.
At the same time, central banks have begun to dump the dollar as the world's reserve currency, with more than 7% believing that rising US debt is also a negative for the greenback.
As for investments, concerns over China mean India remains one of the most attractive countries for investment for a second year running.
Furthermore, the "near-shoring" trend, where companies build factories closer to where they sell their products, is boosting Mexico, Indonesia and Brazil.
51 RUSSIA Country Report August 2023 www.intellinews.com