Russian foreign exchange reserves fell by 9%

Noam Stiekema

Russian Central Bank sold Monday reserves worth at 422 million USD (16.8 billion rubles), the regulator said in a statement on its official website. The main reason is the continuing decline of the ruble, which on Tuesday fell to a new historic low of 40 rubles per dollar. The central bank currency intervention to implement […]

Russia

RussiaRussian Central Bank sold Monday reserves worth at 422 million USD (16.8 billion rubles), the regulator said in a statement on its official website. The main reason is the continuing decline of the ruble, which on Tuesday fell to a new historic low of 40 rubles per dollar. The central bank currency intervention to implement 16.8 billion rubles, held a day earlier. The reserve requirement of banks in the Central Bank of Russia on Tuesday, have not changed. On Monday there was a drop in score of 0.04 billion rubles.

Needed currency interventions to prevent sharp negative fluctuations of the ruble. Sharp devaluation of the ruble caused economic shock that directly affects consumers and businesses. In the current macroeconomic environment that would be too dangerous. Russia currently has foreign exchange reserves of 465 billion USD. Before the crisis of 2008 reserves were 600 billion USD and in early 2014 – about 510 billion USD.

Since the beginning of 2014 the level fell by 9%. Almost all of these funds went to smooth currency fluctuations. For this purpose, the regulator spend about 40 billion USD. At the same time its central bank’s reserves are not so much. According to the study, if the amount is deducted funds in the Reserve Fund and the National Welfare Fund, directly managed by the central bank funds themselves 300 billion USD.

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