Russian reserves increased during the week due to the revaluation by USD 0.3 billion

MOSCOW, May 15 (Reuters) – As of May 5, 2023, Russian foreign exchange reserves and gold stood at $599.2 billion, up $0.3 billion or 0.1% over the week.

The Central Bank explained this by “the impact of a positive revaluation”.

According to the latest CBR data, on April 1, 2023, the share of foreign currencies in gold reserves was 70.4%, gold – 24.8% (74.8 million troy ounces).

The positive effect of the revaluation could be partially neutralized by currency interventions by Russian regulators.

From January 13, the Russian Ministry of Finance resumed its activities under the budget rule through the Central Bank, which now sells the Chinese yuan from reserves daily with settlements “tomorrow” for 2 billion rubles, and in the reporting week for 3.7 billion rubles per day.

According to Reuters calculations, the amount of sales of these currencies in the reporting week could amount to the equivalent of USD 0.19 billion.

At the beginning of 2023, the volume of gold reserves, according to the Central Bank, amounted to USD 577.5 billion, and the absolute maximum was reached in February last year, USD 643.2 billion. (Moscow office)