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Bank of Russia’s capital and funds, precious metals, foreign currency, provisions, reserve funds of banknotes and coins, the Bank of Russia’s equity stakes

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

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

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

Current and capital account balance 65 1 3 10 Financial account (excluding reserve assets) -4 19 15 7 Government and the central bank -23 -6

exchange reserves, but I can say that, in principle, we have enough gold to ensure the diversification of our gold and foreign exchange reserves. By

rule-based foreign currency sales caused a reduction in reserve assets. However, the overall level of the international reserves increased as of the end of the