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RUSSIA'S ECONOMY

Russia’s international reserves down 3% over negative revaluation, currency interventions

The Bank of Russia’s currency interventions, operations for foreign currency provision on a repayable basis and currency swap transactions also contributed to the dynamics of international reserves

© Vladimir Smirnov/TASS

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MOSCOW, January 22. /TASS/. Russia’s international reserves mostly comprising gold and foreign currency declined by 2.85% in the week of January 10-16 to $379.4 billion over negative exchange rate revaluation and the regulator’s currency interventions, the Central Bank of Russia said on Thursday.

“Russia’s international reserves contracted in the week of January 10-16, 2015 largely due to the negative exchange rate revaluation,” the Bank of Russia press office reported.

“The Bank of Russia’s currency interventions, operations for foreign currency provision on a repayable basis and currency swap transactions also contributed to the dynamics of international reserves,” the press office said.

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

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.

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