Russia’s International Reserves Up $5 Billion – Central Bank

Russia’s gold and currency reserves grew by $4.8 billion in June and now stand at $361.6 billion, the Central Bank reported Wednesday.

Earlier reports said the country’s international reserved has contracted by 0.7 percent in a single week.

In 2014, Russia’s international reserves shrank 1.3 times to $385.46 billion.

A country’s international reserves are those external assets that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes (such as maintaining confidence in the currency and the economy, and serving as a basis for foreign borrowing).

Reserve assets must be foreign currency assets and assets that actually exist. International reserves should be assets of high quality.

The international reserves of the Russian Federation are highly liquid external assets that are readily available to the Bank of Russia and the government of the Russian Federation.