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currency reserves into compliance with the required composition (which is determined by the Bank of Russia for the country’s gold and foreign currency reserves

international reserves expanded by 41.4 billion US dollars over 2020, to total 595.8 billion US dollars (see the Table). RUSSIA’S INTERNATIONAL RESERVES

Russia revoked the banking licence of the Moscow-based Joint stock company Bank Reserve Finance and Investments, or RFI BANK JSC (Reg. No. 3351; hereinafter, RFI

debt, $bn Reserves, $bn Developed countries Emerging countries Russia 800 120% External debt/GDP 2019 = 27% 700 Reserves/GDP 2019 = 34% 98% 104% Reserves cover

business growth, profitable business, and lower reserves. This is despite our easing, and we carried our easing on reserves, and expected that in 2021 we

bonds to 32.4% of pension savings and 16.5% of pension reserves. This happened amid a decline in the bond market and a surge

temper volatility using the resources from Russia’s foreign currency and gold reserves to a very moderate extent. This was crucial during that period since

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

REQUIRED RESERVES AVERAGING SCHEDULE FOR 2020–2021 AND INFORMATION ON CREDIT INSTITUTIONS’ COMPLIANCE WITH RESERVE REQUIREMENTS Table 5 40 Memo item: Actual average Required reserves

of non-governmental pension funds (NPFs) was 1.0%, and that of pension reserves — 0.4%. The low result is mainly caused by a decrease in