Deutsche Bank
MO-10. due to ongoing sales to BOTAS and markets and there is no
quick fix
3 USDbn USDbn 9
2 6
1 3
0 0
1 -3
-2 -6
-3 -9
-4 -12
-5 -15
-6 -18
Jun 13 Nov 13 Apr 14 Sep 14 Feb 15 Jul 15
Contribution by X credits (Ihs)
IFX sales to BOTAS (lhs)
FX sales to market (auction & intervention, lhs)
Cumulative impact of FX sales and X credits since May '13
—Cumulative change in CBT's net usable FX reserves since May '13
Some: Havoc AnalyNcs, CBT. and Doutcho Bank
Deutsche Sank
12
CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0070015
CONFIDENTIAL SDNY_GM_00216199
EFTA01374998