Russia’s international reserves fell by $12 billion

Bank of Russia informedthat the volume of international reserves of the Russian Federation from February 3 to February 10 decreased by 2% ($12 billion) and amounted to $589 billion. The regulator said that this was due to negative revaluation, as well as operations carried out under the budget rule.

According to the fiscal rule, due to the fact that the actual revenues of the oil and gas sector turned out to be in February, below the level set by the Ministry of Finance, the department sent foreign currency (yuan) from the reserves for sale. From February 7 to March 6, the daily sales volume of yuan will be 8.9 billion rubles. In the period from January 13 to February 6, foreign currency sales amounted to 3.2 billion rubles. in a day.

The Central Bank resumed operations in the domestic foreign exchange market as part of the fiscal rule in January. Trades are held on the Moscow Exchange in the Chinese yuan-ruble instrument. Prior to this, no auctions were held for ten months. In 2022, the international reserves of the Russian Federation decreased by 8.4%. As of January 1 of this year, they amounted to $577.5 billion.

Erdni Kagaltynov