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the ‘Labor Reserves’ coin (Catalogue No. 5015-0077) features a coloured image of the symbols of All-Russian Physical Culture and Sports Society Labor Reserves. The mintage

Fund resources. Nevertheless, the decline in reserves due to balance of payments transactions offset an increase in international reserves fuelled by revaluations amid record-high gold

as well as precious metal coins in circulation); • funds in the required reserve accounts deposited by the Russian Federation resident credit institutions with the Bank

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instruments (auctions and standing facilities to provide and absorb liquidity, and required reserves). The system of monetary policy instruments takes into account the specifics of

instruments (auctions and standing facilities to provide and absorb liquidity, and required reserves). The studies and consultations with market participants within the Monetary Policy Review

the opportunity to use a part of its international reserves in the world’s main reserve currencies in order to mitigate risks to financial stability.

Bank of Russia below the level required for even averaging of required reserves (RRs). To this end, at the beginning of the July averaging period

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