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CBR's reserves were down USD 4.1bn last week


In the week ending 11 May, the CBR’s gross international reserves decreased USD 4.1bn to USD 518.8bn. In separate news, Interfax has commented (according to the CBR’s 2011 annual report presented to Duma) that the currency breakdown of the CBR’s reserves was slightly reshaped in 2011 along with global dynamics: the share of USD was up 0.3pp to 45.5%, EUR was down 1pp to 42.1%. Interestingly, the share of CAD doubled to 1.6% (meanwhile, shares of JPY, GBP, and CHF were almost unchanged).

The CBR’s officially published net purchases during the reported period (the regulator intervened on only 10 and 11 May) were at USD 0.5bn (RUB 15bn); the 4-week average is running at USD 0.88bn (RUB 26bn). We estimate that other factor which has been greatly driving the headline change in the CBR’s reserves was EUR weakening against USD (-USD 2.8bn).

Alexey Moiseev, Aleksandra Evtifyeva, Daria Isakova, Petr Grishin, Dmitri Fedotkin
VTB Capital analyst

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