Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS
russian visa

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


Next Previous

You might also find interesting:

Media Buzz: Will US Sanctions Over Crimea Work? Soviet-era space watches relaunched Rosneft Announced New Partnership Abkhazia one of the most beautiful health-resorts is still in war ruins Investments in Chuvashia

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Russian Parliament in Action

search on the map
Smolensk Region  Interactive Museums  Festivals in Saint Petersburg  religion  Painting  Zelenogorsk  Russian Cinema  Yakut Scientific Center  business  airline  Russian Literature  Mercedes-Benz Fashion Week Russia  Lev Kuleshov  Alexander Sokurov  Awards  Sberbank  Washington Post  New Medicines  Graffiti  social  Roshen  Russian airports  Russian oligarchs  Russian musicians  Comics  Ksenia Sobchak  Irkutsk  Exhibitions in Moscow  Russian aviators  Russian tourism  Gazpromneft  Moscow traffic jams  Russian academy of sciences  cloud computing  Russian history  inventions  Jubilee  Russian restaurants   Russian Orthodox Church  Baikonur  Naryan-Mar   The Moscow River  Russian business  Amur River  Moscow events  Archeology  Park Live Festival  Moscow  biology  Sverdlovsk region 

Travel Blogs
Top Traveling Sites