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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

errors in this document are the responsibility of the authors. All rights reserved. Any reproduction is permitted only with the authors’ consent. Cover photo: Shutterstock

income, the main factor in decreasing ROA is the additional formation of reserves for corporate loans (at the same time, the loan portfolio of the

1 bln). Reserve assets decreased mostly due to FX transactions carried out on the domestic market under the fiscal rule. Russia’s international reserves stood

sector declined by 15% YoY, annualised returns on pension savings and pension reserves stood at 6.9% and 5.8% respectively. In order to mitigate

bp (September: 46 bp). In the October required reserve (RR) averaging period (AP),2 banks averaged required reserves ahead of schedule in anticipation of the

2024 2025 2026 2027 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

to provide funds to credit institutions to make payments and maintain required reserves, which meets the objectives of the said mechanism. The reduction in the

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