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Banking sector The banking sector remains strong due to an accumulated capital reserve. After sizeable losses incurred in Q2 2022 due to the materialisation of

of banks’ required reserves with the Bank of Russia -0.1 0.7 0.0 0.7 2. Change in free bank reserves (correspondent accounts

required reserves by the Bank of Russia, the averaged part of required reserves changes each month, while the balance of funds in the required reserve

Mandatory Reserve Requirements’. Bank of Russia Ordinance No. 6208 U, dated 27 July 2022, ‘On Mandatory Reserve Requirements’. Source: Bank of Russia. REQUIRED RESERVES AVERAGING

Private Pension Funds’ Pension Reserves Generation (millions of rubles) Pension reserves Pension contributions, Earmarked receipts Pension reserves Payouts made Pension reserves at the beginning of

the Bank of Russia Research Advisory Board and external reviewers. All rights reserved. The views expressed in this paper are solely those of the authors

returns equalled 3.4% and 2.7% on pension savings and pension reserves, respectively, with returns of some NPFs exceeding 8% p.a. More details

controls were enacted in response to the freeze of our foreign currency reserves, in an effort to stabilise the foreign exchange market. Thereafter however, we

combination of the factors, including the sanctions against the Central Bank’s reserves, we were able to withstand the hard spring months and stabilise the

of Bank of Russia reserves and funds for 2021 Bank of Russia Annual Report millions of rubles Reserve Social Reserve Positive Reserve Growth Total fund