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CBR's reserves dropped USD 6.1bn last week

The CBR's gross international reserves decreased USD 6.1bn in the week ending 13 July, to USD 505.3bn.

According to the official data, the CBR’s net selling during the reported period (9-13 July) reached USD 0.35bn (RUB11bn). We estimate that other factors driving the headline change in the CBR’s reserves were EUR weakening against USD (-USD 4.6bn) and a drop in gold prices (-USD 1.5bn). Given the officially published data on the CBR’s interventions, the regulator’s total selling of FX on the local currency market stood at about USD 0.8bn for 1- 17 July. 

Maxim Oreshkin, Daria Isakova
VTB Capital analyst

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