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
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.
Data are compiled on the basis of
definitions contained in the sixth edition of the IMF's Balance
of Payments and International Investment Position Manual (BPM6),
and the IMF’s International Reserves and Foreign Currency
Liquidity: Guidelines for a Data Template (2012).
The international reserves consist of
foreign exchange, SDR holdings, reserve position in the IMF and monetary gold.
exchange includes foreign currency;
balances on nostro corresponding accounts including
unallocated gold accounts; deposits with the initial maturity of up to 1 year
including gold deposits with foreign central banks, the Bank for International
Settlements (BIS) and nonresident deposit-taking corporations; debt securities
issued by nonresidents; loans extended under reverse repo agreements, and other
financial claims on nonresidents with the initial maturity of up to 1 year.
Securities received as collateral under
reverse repos or under securities’ lending agreements (received in exchange for
other securities) are not included in international reserves. Securities
provided to counterparties under securities’ lending transactions are recorded
in international reserves, whereas securities that serve as collateral under
repurchase agreements are excluded therefrom.
Part of resources on accounts of the Reserve
Fund and of the National Wealth Fund of the Russian
Federation which is denominated in foreign exchange,
deposited with the Bank of Russia and further invested by the Bank of Russia in
foreign financial assets is included in the international reserves of the Russian Federation.
Foreign exchange-denominated claims of the
Bank of Russia and the Government of the Russian
Federation on residents are not included in the
international reserves of the Russian
drawing rights (SDRs) are
international reserve assets created by the IMF and allocated to members; included
are balances of SDR holdings on the account of the Russian Federation in the Fund’s
position in the IMF is the sum of the reserve tranche
position (representing foreign exchange component of the quota of the Russian Federation
in the Fund) and the country’s claims on the IMF arising from lending under the
New Arrangements to Borrow.
gold is defined as standard gold bars and coins with a
purity of at least 995/1,000 held by the Bank of Russia and the Government of
the Russian Federation.
It comprises gold in vault, en route and in allocated accounts, including those
that are held abroad.
Transactions are recorded as of the value
date with interest accrued.
Values are converted to US dollars using official exchange rates of foreign currencies in terms of the Russian ruble and
gold reference prices set by the Bank of Russia and effective on the reporting
deposited in unallocated gold accounts has been included in foreign exchange
adjustment to gross international reserves has been introduced to reduce the
amount of foreign currency reserves by:
sum of the Bank of Russia’s assets held in nonresident banks in whose equity
the Bank of Russia has a stake, and
amount equivalent to the balances of foreign exchange held on correspondent
accounts of resident banks with the Bank of Russia, exclusive of the funds
provided to Vnesheconombank for public external
debt service and repayment.
currency reserves have been decreased by exclusion of the amount of funds
received by the Bank of Russia under repurchase agreements (since 01.10.2002
– by exclusion of the amount of securities provided as collateral under repo
gold has been valued at current reference prices set by the Bank of Russia,
until 01.01.06 valuation has been at the price of 300 US dollars per fine
- Securities have been recorded at market
values (until 01.01.2008 – at amortized values).
- The adjustment introduced effective
01.09.1999 has been abolished.
- The exclusion from foreign currency
reserves of part of securities transferred to nonresidents under
interrelated repos has been discontinued, and
simultaneously the Bank of Russia has stopped recording under reserves
the claims on nonresidents under interrelated reverse repos.
coins with a purity of at least 995/1,000 have been included in monetary