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to the level of averaged required reserves (RR).
However, some market participants delayed the averaging of their required reserves and reduced
borrowing in the money
International Reserves of the Russian Federation*.......................................................................................................................... 15
1.8. International Reserves and Foreign Currency Liquidity — Russia................................................................................................... 16
1.9. International Reserves Adequacy (International Reserves in
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portion of required reserves (around 10%) is supposed to be locked in special required reserve
accounts. Considering the functions of required reserves, it is reasonable
for issuers of stablecoins, sufficient reserves to cover mass redemptions,
equity (at least 350,000 euros or 2% of average reserves for stablecoins). The new
reserve ratios was taken into account in advance in
the liquidity surplus forecast for the end of 2023. Therefore, the increase in the required reserve