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CBR reserves declined last week mainly due to weaker EUR

 
08.06.2012

The CBR’s gross international reserves fell USD 4.0bn in the week ending 1 June to USD 509.2bn.

According to official data, CBR net selling on the local FX market between 28 May and 1 June totalled USD 0.5bn (RUB 16.5bn). We estimate that the other factors driving the headline change in the CBR’s reserves were EUR and GBP weakening against USD (-USD 2.7bn and -USD 0.5bn, respectively) and bond portfolio revaluation (-USD 0.5bn).

Alexey Moiseev, Aleksandra Evtifyeva, Maxim Oreshkin, Daria Isakova
VTB Capital analyst

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