Notable Events

• In December, Russian President Vladimir Putin questioned the necessity of holding state reserves in foreign currencies, citing risks of confiscation for political reasons. He advocated for investing in domestic sectors and highlighted bitcoin as an alternative asset, emphasizing its immunity to prohibition.

• The Swiss National Bank (SNB) shifted its forex strategy by purchasing foreign currencies worth 281 million Swiss francs in the first quarter of 2024, reversing its recent trend of selling forex to bolster the franc. This move indicated a strategic adjustment in response to changing economic conditions.