The FX and gold reserves of the Central Bank of Russia increased by $1.2bn or 0.3% to reach $420bn as of August 4, the regulator said on August 10. This marks the higest value of CBR reserves since November 2014.
Since the beginning of the year the FX/gold reserves gained over 13%, which was also attributed to gold monetisation, revenues from Russia's $3bn Eurobond placement, and Finance Ministry's currency purchases that have already reached $5bn.
In June, the head of the CBR Elvira Nabiullina told the State Duma that the regulator is ready to increase the FX/gold reserves to $500bn, given favourable conditions such as stable inflation.
"The floating [ruble] exchange rate allowed us to maintain the safety buffers and we stopped using the FX/gold reserves," Nabiullina said, noting that the reserves had increased to more than $400bn.
The CBR governor did not provide a timeline for increasing the reserves, noting that this was a long-term goal depending on stability of multiple indicators. Nabulina has said the CBR would like to increase total reserves to $500bn.