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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

Significant international reserves assuring financial stability Figure 8: Public debt to GDP among the lowest in both EM and DM (2017, %) 600 Reserves/GDP = 28.

Timeframe for Calculating the Value of Assets Constituting Pension Reserves and the Aggregate Value of Pension Reserves of a Non-governmental Pension Fund’ (becomes effective 10

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

UK Pensionnye Nakopleniya within the context of managing pension savings and pension reserves of JSC NPF of Sberbank. These transactions were conducted during the period

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

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

Q3 increased 0.2% to amount to 3.9 trillion rubles. Pension reserves grew 1.3%, to a total of 1.2 trillion rubles, according

For all their different nature and different formation specifics, a CCC's reserve fund and unit investment fund combined are representative of CCC capital and

53 -55 Capital account 0 0 0 0 0 Financial transactions account (reserve assets excluded) -14 -72 -24 -14 -11 Public administration and central banks