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accumulated reserves in the form of the National Wealth Fund, balances of budget funds in the Single Treasury Account and commercial banks. Accumulated reserves will

495 771-91-00, +7 495 621-64-65 (fax) Website www.cbr.ru All rights reserved. The views expressed in this paper are solely those of the authors

for cash, cumulative total Source: Bank of Russia. • Decreased required reserves ratio. The required reserves ratio was reduced to 2% for all cate- gories of

Funds’ Pension Reserves Generation (millions of rubles) 4. Financial Institutions’ Performance Pension reserves Pension contributions, Earmarked receipts Pension reserves Payouts made Pension reserves at the

the same reason and plans to ramp up its output by using reserve capacities, for which it will need to hire more employees. 22 Regional

transactions, they do not impact international reserve adequacy in the medium term resulting only in their short-term contraction of reserves. Type of instrument Instrument Currency

for the recovery of the international reserves? ELVIRA NABIULLINA: As regards the claims for the recovery of the international reserves, I can only say that

Russia’s Work: Results in Brief · 2021 RUSSIA’S INTERNATIONAL RESERVES Gold and foreign currency reserves are a critical tool to maintain financial stability that

mitigating other risks to financial stability. Due to the freezing of its reserves in unfriendly jurisdictions, the Bank of Russia lost the ability to intervene

of Russia proposes to change the rules for investing pension savings and reserves so that non-governmental pension funds could increase their investments in long-term infrastructure