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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

vs 25 bp in June). At the beginning of the July required reserves (RR) averaging period,1 the spread between RUONIA and the key rate

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

errors in this document are the responsibility of the authors. All rights reserved. Reproduction of the presented materials is allowed only with the author’s

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.