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In the Period of Low Oil Prices, Gold and Foreign Currency Reserves of the Central Bank Fell by $ 142 Billion
July 2, 2017 00:59


In 2014-2016 Russia spent 965 US dollars per person from the gold and currency reserves to manage the risks of the devaluation of the ruble, Izvestia newspaper reports with reference to the analysts of Finexpertiza.

According to experts, this is the best result among the oil-producing countries that have solved a similar problem. In particular, Saudi Arabia spent 3.6 thousand US dollars per person, Qatar - 2.8 thousand US dollars and Norway - 1.4 thousand US dollars, the study reports.

In the period of low oil prices, the gold and foreign currency reserves of the Bank of Russia fell by $ 142 billion. These funds were aimed to maintain the ruble exchange rate through foreign exchange interventions. At the same time, actually the Russian currency has won most of the losses suffered during that time. A significant role in saving gold and foreign exchange reserves was played by the transition to free formation of the ruble exchange rate. As a result, foreign exchange interventions were conducted only to smooth out the sharp fluctuations in the foreign exchange market.


Author: Anna Dorozhkina


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