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CBR's reserves declined only USD 0.2bn last week


The CBR gross international reserves decreased USD 0.2bn in the week ending 29 June to USD 512.9bn.

According to official data, during the reported period (25-29 June) the CBR sold USD 0.75bn (RUB 25bn) net. We estimate that other factors driving the headline change in the CBR’s reserves were EUR weakening against USD (-USD 2.6bn) and the drop in gold prices (- USD 0.9bn). The combined effect of the revaluation and the CBR’s FX selling was negative during the reported period. We suggest that the CBR’s O/N FX swap operations (boosted by a decision to decrease rates for the RUB- and USD/EUR-legs at the CBR’s most recent policy meeting in June) supported the CBR’s international reserves in the last week of June. According to the CBR, the regulator provided not more than RUB 100bn (around USD 3bn) per day via the CBR’s FX swap during 25-29 June.

Maxim Oreshkin, Daria Isakova, Alexey Moiseev
VTB Capital analyst


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