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as well as temporary internet disruptions, with people seeking to have cash reserves that are independent of the digital infrastructure. Importantly, such a shift in

2024 2025 2026 2027 2028 Change in reserves Foreign liabilities Foreign assets (excluding reserves) Financial account balance (including reserves) * In the balance item, ‘–’ denotes net

as well as temporary internet disruptions, with people seeking to have cash reserves that are independent of the digital infrastructure. Importantly, such a shift in

previous forecast. The upward revision of energy prices assumes an increase in reserves by $5 billion in 2026 and a less significant reduction in the

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

4% in the pension reserves portfolio. Corporate bonds accounted for around one third of NPFs’ pension assets. In 2025, pension reserves saw the strongest growth,

the balance of payments, reserve assets contracted by $3.6 billion in 2025 Q4 (vs -$5.6 billion in 2025 Q3). Reserve assets declined by

13 May 2026, which is the first day of the May required reserve averaging period, the Bank of Russia will adjust the approaches to holding

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.