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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. 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.

the upper circumference. — The coin ‘Labour Reserves’ (Catalogue No. 5109-0139) features a relief emblem of the sports society ‘Labour Reserves’. The edge of the coins

for systemic importance buffer. Capital reserves are unevenly distributed across the banking system. 77% of the banking sector’s capital reserves are accounted for by

more than RUB 2.4 billion. Although returns on PS and pension reserves (PR) edged down in H2 2023, they still exceeded the inflation rate.

0 0.5 0.1 [-0.9; -0.5] – change in required reserves -2.4 -0.3 -0.1 [-0.7; -0.5] Liquidity deficit

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

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