International reserves of the Russian Federation in January increased by 2.6%, to $597 billion

In absolute terms, the country’s reserves increased by $15 billion.

The Central Bank of Russia reported that the volume of gold and foreign exchange reserves of the Russian Federation grew by 2.6% in January 2023 and now stands at $597 billion 35 million, a correspondent reports. DOPs.

The regulator said that over the month, the volume of reserves added 15 billion and 46 million dollars. Thus, the volume of reserves of gold and the country’s currency in dollar terms was at its maximum value over the past nine months. The peak was reached in April 2022, when savings were $607 billion and $100 million.

The Bank of Russia, after the sanctions imposed on it by Western countries, is limited in managing a significant part of its gold and foreign exchange reserves. The remainder of the reserves consists of gold and Chinese yuan assets.

The main factor in the dynamics of reserves is the change in the value of reserve assets as a result of revaluation against the US dollar. In January, the yuan exchange rate against the dollar and the price of gold rose by about 5%, and the euro exchange rate against the US currency also strengthened.

International reserves are highly liquid foreign assets held by the Bank of Russia and the government of the Russian Federation. They consist of foreign currency assets, monetary gold, special drawing rights and other reserve assets.