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Russia’s international reserves plummet by $16 billion in February — central bank

March 06, 2015, 16:18 UTC+3 MOSCOW

Russia's international reserves ammounted to $360.221 billion as of early March

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Russian Central Bank

Russian Central Bank

© AP Photo/Alexander Zemlianichenko

MOSCOW, March 6. /TASS/. Russia’s international reserves mostly comprising gold and foreign currency decreased by $15.987 billion in February to $360.221 billion, according to data released by the Central Bank on Friday.

The Russian regulator said in statements on gold and foreign exchange reserve dynamics in recent weeks that the country’s international reserves had declined largely due to the Central Bank’s operations to provide foreign currency liquidity to banks on a repayable basis, foreign currency repo deals and negative exchange rate revaluation.

Russia’s international reserves are highly liquid foreign assets managed by the Central Bank of Russia. They comprise foreign currency, Special Drawing Rights (SDRs), a reserve position in the International Monetary Fund and monetary gold.

Russia’s international reserves fell by $124.135 billion or 24.4% in 2014 to $385.46 billion as of January 1, 2015.

During the crisis of 2008-2009, the country’s international reserves were seen to plummet to as low as $376 billion (mid-March 2009).

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