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Russia’s international reserves up $1.1 bln in one week to $587 bln — Central Bank

"The effect of positive revaluation in the reporting period surpassed the volume of transactions to sell foreign currency conducted by the Bank of Russia as part of the fiscal rule," the regulator added

MOSCOW, February 1. /TASS/. Russia’s international reserves increased by $1.1 bln in one week, reaching $587.8 bln as of January 26, 2024, the Central Bank reported.

"International reserves amounted to $587.8 bln as of January 26, 2024, up by $1.1 bln, or by 0.2%, in one week. The effect of positive revaluation in the reporting period surpassed the volume of transactions to sell foreign currency conducted by the Bank of Russia as part of the fiscal rule," the regulator said.

As of January 19, the country’s international reserves amounted to $586.7 bln.

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

Following the onset of Moscow’s special military operation in Ukraine Western countries slapped sanctions against the Bank of Russia. Apart from freezing Russia’s gold and foreign currency reserves, all transactions related to management of the regulator’s reserves and assets, as well as transactions with any legal entity, organization or body acting on behalf or at the direction of the Central Bank, were prohibited.

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