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10,7 0,4 7,6 Net acquisition of financial assets, excluding reserve assets 24,8 13,4 11,3 16,3 65,8 19,

a given interest rate, since banks needed reserves to support the money created through lending. The volume of reserves was controlled by the central bank.

accounts Debt securities Loans Shares and other equity instruments Insurance and pension reserves and savings Accounts receivable Funds in escrow accounts Source: Bank of Russia.

demand from EMEs’ central banks that have continued to diversify their international reserves against the background of the G7 discussions on using Russia’s frozen