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CBR reserves rose USD 2.4bn last week supported by stronger EUR

The CBR’s gross international reserves increased USD 2.4bn to USD 507.7bn in the week ending 20 July.

According to official data, the CBR’s net selling during the reported period (16-20 July) totalled USD 0.2bn (RUB 6.5bn). We believe the stronger euro vs. the dollar (+USD 1.7bn) was another factor greatly driving the headline change in the CBR’s reserves. Given the officially published data on CBR interventions, the regulator’s total selling of FX on the local currency market stood at about USD 1.0bn in 1-24 July. 

Maxim Oreshkin, Daria Isakova, Dmitri Fedotkin
VTB Capital analyst


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