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CBR reserves were down USD 0.2bn last week supported by stronger EUR

 
22.06.2012
The CBR's gross international reserves decreased USD 0.2bn to USD 512.2bn in the week ending 15 June

According to official data, the CBR’s net selling on the local FX market for 9 and 13-15 June totalled USD 0.3bn (RUB 9bn). We estimate that another factor driving the headline change in the CBR's reserves was EUR strengthening against USD (+USD 0.2bn).

Given the officially published data on the CBR's interventions, the regulator’s total selling of FX on the local currency market was about USD 1.2bn during 1-19 June.

Alexey Moiseev, Maxim Oreshkin, Daria Isakova
VTB Capital analyst

Tags:
CBR, USD, euro, FX market, ruble

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