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and NRU-HSE, and of the Central Bank Forecasting Conference at the Federal Reserve Bank of St. Louis for their helpful comments and suggestions. All errors

funds (NPFs) surged 14.3% to 2.44 trillion rubles while pension reserves rose 8% to 1.18 trillion rubles. This is shown by NPF

accounts to record required reserves in order to fulfil reserve requirements. The latter comprise required reserve ratios and a required reserve averaging ratio. Ruble nominal

bln. Borrowing as a Source of Financing Public Expenditures Instead of the Reserve Fund: In 2018 the net placement of OFZ will amount to 0.

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

1.7 Gross International Reserves (USD million) of which: Gross international of which: reserves foreign exchange foreign reserve position gold reserves SDR exchange in the

management of reserve assets in foreign currency and gold) and on the website of the Bank of Russia (data on Russia’s international reserves). Please

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

sovereign funds to finance the budget deficit under the fiscal consolidation. The Reserve Fund was abolished, while the liquid part of the National Wealth Fund

in Malaysian ringgits (MYR) at the new rates in mid-2018. The Federal Reserve Bank Singapore Exchange (SGX) and the Intercontinen- of New York will be