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reserve assets, $ bn 57 51 41 30 29 Net incurrence of liabilities 9 1 5 6 7 Net acquisition of financial assets, net of reserve

trade in services, the external debt of the Russian Federation, the international reserves of the Russian Federation, direct investment in the Russian Federation and direct

the Deposit Insurance Agency. As part of the NPC, funds manage pension reserves formed from the voluntary contributions of legal entities and individuals. 6.2

vs 32 bp in September). Until the end of the September required reserve (RR) averaging period (AP),1 banks demonstrated stable demand for liquidity in

2025 2026 2027 2028 Foreign assets (excluding reserves) Foreign liabilities Change in reserves Financial account balance (including reserves) * In the balance item, ‘–’ denotes net borrowing

International Reserves of the Russian Federation*.......................................................................................................................... 16 1.8. International Reserves and Foreign Currency Liquidity — Russia................................................................................................... 17 1.9. International Reserves Adequacy (International Reserves in

increase in overdue payments, impairment of collateral and the need for extra reserves.65 As regards liabilities, there may be an outflow of deposits, driven

of Inflation Persistent? Evidence from a Novel Decomposition of PCE Inflation. Federal Reserve Bank of Boston Current Policy Perspectives. November 4, 2022. 11 TALKING TRENDS

Novosti): Central Bank data show that gold holdings in Russia’s international reserves were up in September for the first time in a year and