Reserves "blown away"

Russia has become fewer accumulations according to the Bank of Russia, the volume of domestic international reserves from November 30 to December 7 decreased by $ 2.3 billion and amounted to $ 461.2 billion. Before that, the last drop in reserves was recorded in September, the losses amounted to $ 300 million. But mostly reserves were reached, which could not even interfere with the weak course of the American currency.

The recorded decrease in analysts is associated with a change in the exchange rate. So, according to the chief economist of IB "Trust" Evgeny Podorshin, the reason may be associated with the fall of the Euro exchange rate. “During this period, the euro -dollar decreased, because of this, reserves decreased,” he suggests. The chief economist of FC Uralsib Vladimir Tikhomirov connects a decrease in the transfer of funds from the stab fund to development institutions and investment funds. “This was done just during that week. If there were no transfer of $ 6-7 billion, the reserves would have grown. Given this possible growth and decrease in the balance sheets of the previous week, this amount is approximately, ”explains Vladimir Tikhomirov.

Analysts assure that there is absolutely no reason for panic and already at the end of this week we should expect a continuation of an interrupted trend, namely growth. “Since the transfer of funds from the stab fund is a one -time action and no payments to external debts in the coming week are expected, I think that according to the results of this week, reserves will grow. Given the high level of oil prices and very high export duties, I expect that they will grow by at least $ 5 billion, and maybe even closer to $ 7 billion, ”says Vladimir Tikhomirov. “According to the results of the current week, reserves will no doubt increase. On Tuesday and Wednesday, we saw large currency sales, in total there are more than $ 3 billion, ”said Evgeny Praorshin. “At the end of the year, we are forecasting $ 470 billion,” says Kirill Tremasov, head of the analytical department of Moscow Bank.

Compared to January 1, 2007, when the volume of Russia's international reserves amounted to $ 303.7 billion, this indicator is 51.9%larger. Recall that until mid -September 2007, the Central Bank of the Russian Federation used the term "gold and foreign exchange reserves" to denote international reserves. These reserves are highly liquid financial assets that are at the disposal of the Bank of Russia and the Government of the Russian Federation. They consteen of assets in foreign currency (mainly American dollar), monetary gold, special borrowing rights (SDR, Special Drawing Rights, settlement monetary unit used by the International Monetary Fund), reserve position in the IMF and other reserve assets.

12/13/2007 / Marina Kadykova, the material was published in the newspaper No. 235 dated December 14, 2007.