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495 771-91-00, +7 495 621-64-65 (fax) Website www.cbr.ru All rights reserved. The views expressed in the paper(s) are solely those of the

A change in reserves, , is described by the equation which implies the absence of the rule: 1 = (21) ( ) where is a reserves shock, is the

Federal Reserve Board of Governors. Correa, R., T. Paligorova, H. Sapriza, and A. Zlate (2015): “Cross-Border Bank Flows and Monetary Policy,” Tech. rep., Federal Reserve

495 771-91-00, +7 495 621-64-65 (fax) Website: www.cbr.ru All rights reserved. The views expressed in this note are solely those of the authors

53 -55 Capital account 0 0 0 0 0 Financial transactions account (reserve assets excluded) -14 -72 -19 -11 -8 Public administration and central banks

495 771-91-00, +7 495 621-64-65 (fax) Website www.cbr.ru All rights reserved. This note expresses the authors’ personal opinions and does not necessarily reflect

December 2018 has been released. The Information Notices section presents the required reserves averaging schedule for 2019. The Bulletin publishes the Bank of Russia Board

exchange reserve accumulation in emerging markets: what are the domestic implications? BIS Quarterly Review September, 39–52. Ouyang, A., Rajan, R.S., 2011. Reserve accumulation

Reserves Ratios BULLETIN (percent) STATISTICAL Required reserve ratio Required reserve ratio Required reserve ratio BANK OF RUSSIA Required reserve ratio Required reserve ratio Required reserve

account balance is helped by either the buildup of national foreign currency reserves or capital outflow. This is clearly seen from this year’s movements