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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

reserves for the February period of required reserves averaging from 9 February to 8 March 2022,39 resulting in a 20% reduction in required reserves

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overheating in the economy has remained considerable. Labour force and production capacity reserves have been almost exhausted. Shortages of these resources might cause a situation

excluding reserve assets 52 84 56 34 29 Net incurrence of liabilities -9 -11 3 9 8 Net acquisition of financial assets, excluding reserve assets

2023. The industrial optimism perceptions in surveys by S Tsukhlo were more reserved than in PMI polls, but remain strong by historical standards. 7 The

1 43.0 23.7 17.3 assets, net of reserve assets Change in reserve assets 3.7 8.5 29.6 21.7 63.

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

errors in this document are the responsibility of the authors. All rights reserved. Reproduction is prohibited without the authors’ consent. Cover image: Shutterstock/FOTODOM 107016,

vs 14 bp in May). At the beginning of the June1 required reserves (RR) averaging period, the spread between RUONIA and the key rate narrowed.