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balance sheet accounts of the Bank of Russia, data on the international reserves of the Russian Federation, nonreserve assets and liabilities, the structure of foreign

Russia or an indication of its official policy or decisions. All rights reserved. Any reproduction is permitted only with the authors’ consent. Cover photo: Shutterstock

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

vs 40 bp in July). At the end of the July required reserves (RRs) averaging period (AP)1, the spread between RUONIA and the key

of required reserves. Data are given on average over a required reserves averaging period (hereinafter, averaging period). 2 To comply with the reserve requirements, banks

the NPFs’ pension reserves which exceeded Р1.9 trillion by the end of June. The positive dynamics of the NPFs’ pension reserves were driven by

M. (2008). «Does natural rate variation matter? Evidence from New Zealand». В: Reserve Bank of New Zealand Discussion Paper Series. 38 Laxton, J., I. Ermolaev,

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

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