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CBR's reserves were up USD 0.9bn last week

 
29.06.2012

The CBR's gross international reserves increased USD 0.9bn in the week ending 22 June to USD 513.1bn.

According to the official data, the CBR’s net selling during the reported period (18-22 June) reached USD 0.6bn (RUB 20bn). We estimate that other factors driving the headline change were EUR and GBP strengthening against USD (+USD 1.7bn and +USD 0.5bn, accordingly), and a drop in gold prices (-USD 0.5bn).

Given the officially published data on the CBR’s interventions, for 1-26 June the regulator sold a total of about USD 2.0bn in FX on the local currency market. 

Alexey Moiseev, Maxim Oreshkin, Daria Isakova
VTB Capital analyst

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

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