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Main » 2016 » March » 1 » While the Russian economy is shrinking, its foreign exchange reserves grow
While the Russian economy is shrinking, its foreign exchange reserves grow

While Russia's economy is mired in the longest recession in the past two decades, and economic data are not encouraging in recent years, there is one indicator showing growth: foreign exchange reserves of the country.



As of February 19, the Bank of Russia's international reserves totaled $ 379 billion, $ 29 billion more than the minimum reached in April last year. These figures make Russia the only major emerging market, whose reserves are growing. While China and Saudi Arabia have spent tens of billions of dollars to strengthen its currency, the central bank in Moscow was holding himself. After an unsuccessful attempt to stabilize the currency at the end of 2014, which cost the government at $ 67 billion, Russia has not spent a dime on stabilization of the national currency. And even on the contrary, the bank bought foreign currency last spring.Do not miss:  

In January, Russia's economy has continued to contract .  "No amount of foreign exchange reserves can not stabilize the ruble, - Dmitry Tulin, the first deputy head of the Bank of Russia, said last month, a few weeks after as the currency fell to new lows. - Very fast and easy to spend everything, but such measures will have only a temporary effect. " Such actions of the Central Bank of the Russian Federation Vladimir Putin to reflect the belief that gold and a stable currency in the bank is the best guarantee of Russia's financial independence.So, in 2000, when Putin came to power, the country's reserves amounted to only $ 13 billion.


Gold reserves

. Last spring, when the currency showed a temporary recovery, the bank deposited its reserves by $ 10.5 billion  since the beginning of last year  

the currency  has lost a quarter of its value against the dollar. However, according to Oleg Kuzmin, an economist at Renaissance Capital: «The central bank is willing to endure almost any currency fluctuations, while not spending the reserves. "  do not want to make trading transactions on their own? Take advantage of  automated trading the Forex on .  

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