Foreign Reserves Manifest Record Pace
After the smooth and even growth, foreign reserves of Central Bank of Russia (CBR) surged 5.4 percent to $534.4 billion as of May 1. The reserves
widened by 12.2 percent from early this year, signaled the data that the CBR promulgated yesterday. Whether the growing trend will survive is yet unknown, the reserves lost $500 million May 2.
Russia’s foreign reserves gained $27.4 billion, or 5.4 percent, to $534.4 billion in April, manifesting the most significant growth from May of 2007. The reserves stepped up by $58 billion, or 12.2 percent, from early this year, according to the data that CBR promulgated yesterday.
Same as before, the assets denominated in foreign currency (cash, bank deposits with top-rating nonresident banks or reliable government and/or other securities) account for the better part of accumulated stockpile. The foreign exchange reserves increased 9.3 percent to $420.4 billion from early this year, having widened by 4.5 percent in April alone.
Whether the growing rates will survive is yet unknown. CBR releases the information each week, fixing the stockpile condition at the start of the month. The reserves narrowed by $500 million from May 1 to 2. They dropped from $534.4 billion to $533.9 billion despite the absence of material fluctuations in the rate of exchange or any significant events on financial markets. And last but not least, the reserves fluctuate in the environment of capital inflow.
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All the Article in Russian as of May 12, 2008
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