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banking sector. Secondly, we are accumulating reserves and transforming their structure. As you may remember, those were the accumulated reserves that helped us address the

right to self-determined investment Fraudulent actions in the insurance sec- of pension reserve funds on authorized as- tor significantly harm both the sector as a

3 66 Required Reserves Ratios (percent) Required reserve ratio Required reserve ratio Required reserve ratio Required reserve ratio Required reserve ratio Required reserve ratio on

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

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bn Reserves, $bn Developed countries Emerging countries Russia 800 120% 109% External debt/GDP = 30% 98% 700 636.4 Reserves/GDP = 34% 100% Reserves cover

Private sector 12-month rolling total, % of GDP (rhs) Financial account balance, excl. reserve assets * “+” – net lending, “-” – net borrowing Source: Bank of Russia 14 Deposit and

pension reserves are being gradually reallocated from the financial sector to the real and public sectors. As compared to Q2, the value of pension reserve

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

bn Reserves, $bn Developed countries Emerging countries Russia 800 120% 109% External debt/GDP = 30% 98% 700 636.4 Reserves/GDP = 34% 100% Reserves cover