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decreased, which could partially explain the diversification into gold by emerging markets and developing economies (EMDEs).
Recent events, including financial sanctions imposed on Russia following its invasion of Ukraine, particularly the decision to freeze the foreign exchange reserves of the Russian central bank, have brought attention to the possibility that other central banks may respond by shifting a portion of their reserves from foreign exchange into gold, which can be securely stored domestically.
20 RUSSIA Country Report July 2023 www.intellinews.com