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CBR reserves a bit down in October

 
08.11.2012

According to the CBR, Russia’s international reserves decreased USD 3.1bn in October to USD 526.8bn as of 1 November. Foreign currency reserves slid USD 1.1bn and gold declined USD 2.0bn.

The CBR’s international reserves were mainly dragged down by GBP and JPY weakening against USD last month (given the CBR’s official fixing, -1.0% and - 2.7% respectively), shaving around USD 2.0bn and USD 1.2bn, respectively to the headline change in the CBR’s reserves. At the same time, a stronger EUR against USD supported the CBR’s reserves and added USD 0.5bn. According to the official daily data, the CBR’s net selling during the reported period (1-31 October) totalled USD 0.02bn (RUB 0.74bn) and thereby was almost neutral for the reserves. In addition, the share of gold in the CBR’s reserves slid to 9.8% from 10.1% in the previous month. 

Maxim Oreshkin, Daria Isakova, Dmitri Fedotkin, Mykyta Mykhaylychenko
VTB Capital analyst

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