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policy brief was prepared by the Research and Forecasting Department. All rights reserved. The views in the policy brief are whose of the authors and

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

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

GDP, movements over the year, rhs Financial account balance net of international reserves In 2020 Q4 the current account surplus contracted twofold In 2020 Q4,

Reserves Ratios (percent) Required reserve ratio Required reserve ratio Required reserve ratio No. 1 (332) Bank of Russia Statistical Bulletin Required reserve ratio Required reserve

caused by an outflow of budgetary funds and banks’ delays in required reserves averaging. The situation with foreign currency liquidity remained favourable in January, including

required reserves equal to the averaging ratio) not every day, but only on average over a particular period (a required reserve averaging period). Required reserve

Current and capital account balance 32 39 29 25 Financial account (excluding reserve assets) 50 26 12 6 Government and the central bank -2 -9

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

Q4, net lending by general International reserves government and the central bank totalled As a result of transactions, the reserve 1 billion US dollars, with