Russian central bank's international reserves grow $5.4bn

Russian central bank's international reserves grow $5.4bn
The foreign currency and gold reserves of the Central Bank of Russia (CBR) increased by $5.4bn
By Ben Aris in Moscow February 15, 2016

The foreign currency and gold reserves of the Central Bank of Russia (CBR) increased by $5.4bn, or 1.5% week on week, to $376.7bn during the week ending February 5, the regulator said on February 11.

Ratings agency Fitch recently commented that the authorities' commitment to their policy framework has moderated the impact of the oil shock on Russia's sovereign balance sheet. Strong macro management of the external balance and sovereign balance sheet is seen as a bright spot in Russia's economic performance, as the country enters a second consecutive year of recession.

Hit by falling oil prices and Western sanctions over Ukraine, Russia's reserves fell by about a third, or $150bn, from the start of 2014 until stabilising at around $350bn-$355bn at the end of the first quarter, the lowest since mid-2007, as effective ruble free-floating has put a brake on the erosion of the reserves.

While during previous weeks (and for most of the second half of 2015) negative currency revaluation exerted pressure on reserves. On the reporting week of February 5, the CBR confirmed a positive currency revaluation effect for the second consecutive week.

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