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balance, excluding reserve assets 49 60 49 32
Net incurrence of liabilities 9 12 8 10
Net acquisition of financial assets, excluding reserve assets 58
for liquidity,
including from large participants who had previously averaged their required reserves (RR)
with delay. This resulted in a narrowing of the spread between
International Reserves of the Russian Federation*.......................................................................................................................... 15
1.8. International Reserves and Foreign Currency Liquidity — Russia................................................................................................... 16
1.9. International Reserves Adequacy (International Reserves in
2025: Results in Brief 15
BOX 2
International reserves
Over the year, the country’s international reserves increased from $609.1 billion
to $754.9
on the back of the OPEC+ easing of production restrictions, replenishment of reserves by
an Asian country, and a discount on Russian oil. The rise
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12 Neglinnaya street, Moscow, 107016
707
27.03.2026
Paper
2023
Work stream 2. The operational framework of monetary policy
Required Reserves in the Bank of Russia
Yatsyk, O., Kiyutsevskaya, A., Klepatsky, D.
Analytical
portion of required reserves (around 10%) is supposed to be locked in special required reserve
accounts. Considering the functions of required reserves, it is reasonable
to 2025 Q3,
the average annual growth rate of the aggregate pension reserves of NPFs and pension savings
of NPFs and the SFR came in
710
26.03.2026
operations in the foreign exchange market to replenish international reserves. With a significant amount of international reserves, the Bank of Russia will be able to