CBR sets the task to build a few years international reserves to $ 500 billion – RBC

Quote.rbc.ru 04.06.2015 11:24

The Bank of Russia set the task to increase in a few years, international reserves to $ 500 billion. This was reported by the chairman Central Bank of the Russian Federation Elvira Nabiullina at the International Banking Congress.

“One of the tasks for the near future – to build up over a number of years, stocks of reserves. In the optimal case, the reserves should be sufficient to cover the substantial capital outflows over the past two to three years. Therefore, Now we appreciate how comfortable level of reserves in the amount of up to $ 500 billion. This is the level to which we were accustomed. We believe that the accumulation of reserves should be done gradually in order to be consistent with the primary purpose of the DCT (monetary policy) – reduce inflation to 4% in the medium term “, – she said, reports Tass.

The Bank of Russia has decided to hold a May 13, 2015 regular operations on purchase of foreign currency on the domestic market to replenish international reserves. As noted in a statement the regulator, the decision was made taking into account the normalization of the situation in the domestic foreign exchange market and is not aimed at maintaining a certain level of course. Central Bank plans to carry out these operations on a daily basis in the amount of $ 100-200 million.

The volume of international reserves of the Russian Federation of May 22, 2015 in their weekly basis by the end of this date amounted to $ 360.5 billion.

Russia’s international reserves are highly liquid financial assets held by the Bank of Russia and the Government of the Russian Federation. International reserves consist of assets in foreign currency, monetary gold, special drawing rights (SDR), reserve position in the IMF and other reserve assets. Historic gold and a maximum (international) reserves of Russia falls on August 8, 2008, when they reached a volume of $ 598.1 billion. In the meantime, they can be considered a historical minimum rate $ 10.7 billion, registered on 2 April 1999.

Material provided by RBC news agency