The central bank of our host country, the Bank of Russia, even publishes the currency composition of its reserves in its Annual report and I would like to thank the colleagues for this important Russian contribution to greater transparency in the area of international reserves.
Another example of a current cyclical imbalance is the extent of carry trades and build-up of long/short investment positions globally, which resulted from loose monetary policy in some countries and tighter policy in other countries, mostly emerging-market countries. This has enticed investors to borrow in the low-interest-rate currencies and invest in the high-yield currencies.