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CBR's reserves keep declining


The CBR’s gross international reserves decreased USD 4.5bn in the week ending 18 May, to USD 514.3bn.

The data shows the CBR’s net purchases during the reported period at USD 0.7bn (RUB 21bn); the 4-week average is running at USD 0.82bn (RUB 24bn). We estimate that other factors driving the headline change in the CBR’s reserves were EUR weakening against USD (-USD 3.4bn) and a drop in gold prices (-USD 1.3bn).

Given the officially published data on the CBR’s interventions and the RUB/Basket performance, we think that the regulator has not conducted any FX operations on the local currency market since 17 May.

Alexey Moiseev, Aleksandra Evtifyeva, Daria Isakova
VTB Capital analyst

CBR, USD, ruble, euro, FX market

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