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November 2020 has been released. The issue publishes the schedule of required reserves averaging periods for 2021. The Credit Institutions section contains a review of

of Russia reserves and funds 296 (millions of rubles) Growth Reserve Positive Reserve in the value of unreliased revaluation of unrealised of property Reserve Social

debt, $bn Reserves, $bn Developed countries Emerging countries Russia 800 120% External debt/GDP 2019 = 28% 700 Reserves/GDP 2019 = 33% 98% 104% Reserves cover

epidemiological situation and its impact on economic activity. 23 Adjusted loan loss reserves. TALKING TRENDS № 6 / OCTOBER 2020 36 The weakening of national currencies and

GDP, movements over the year, rhs Financial account balance net of international reserves *‘+’ denotes net lending and ‘-’ denotes net borrowing. Source: Bank of Russia 15

in the oil price. Overall, Russia’s international reserves expanded in 2020 Q3: the decrease in the reserves through transactions recognised in the balance of

and capital account balance 65 33 32 18 30 Financial account (excluding reserve assets) -4 49 30 17 11 Government and the central bank -23

probably mean required reserve funds. We are not going to introduce any changes in this area. The increased rate for required reserve funds in foreign

December 2019, ‘On the Requirements for the Composition and Structure of Pension Reserves’ (becomes effective from 1 January 2021 except for the provisions for which