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Required Reserves Ratios (percent) Required reserve ratio Required reserve ratio Required reserve ratio № 9 (328) Bank of Russia Statistical Bulletin Required reserve ratio Required reserve

Federal Reserve Board of Governors, 2009. Correa R. , Paligorova T. , Sapriza H. , Zlate A. Cross-Border Bank Flows and Monetary Policy [Tech. rep.], Federal Reserve Board

central banks include: • US Federal Reserve System (Fed) – A target for an interest rate at which depository institutions lend reserve balances to other depository institutions

bn Reserves, $bn Developed countries Emerging countries Russia 800 120% 691.7 External debt/GDP 2019 = 33% 700 Reserves/GDP 2019 = 27% 98% 103% Reserves

management offices (finance ministries and national treasuries) view short-term instruments as a reserve option which they can resort to in a situation of sudden market

managed to increase liabilities (both direct and 40 10 -10 other). FX reserves declined as Ministry of finance switched to -20 0 0 selling foreign

Required Reserves Ratios (percent) Required reserve ratio Required reserve ratio Required reserve ratio № 8 (327) Bank of Russia Statistical Bulletin Required reserve ratio Required reserve

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

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