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CBR's reserves up USD 3.2bn last week

 
15.06.2012

The CBR's gross international reserves increased USD 3.2bn in the week ending 8 June to USD 512.4bn.

According to the official data, the CBR sold USD 0.6bn (RUB 20bn) net on the local FX market during 4-8 June. We estimate that other factors driving the headline change in the CBR’s reserves were EUR strengthening against USD (+USD 2.4bn) and the hike in gold price (+USD 1.5bn).

Given the officially published data on the CBR’s interventions, the regulator sold a total of USD 0.86bn of FX on the local currency market during 1-9 June.

Alexey Moiseev, Maxim Oreshkin, Daria Isakova
VTB Capital analyst

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