International Reserves of Russia for a week from 27 February to 6 March decreased by 3.8 billion dollars to 380.5 billion dollars. This is stated in the official press release of the Central Bank the country.
In early March 2009 in the Central Bank noted that the rate of decline of reserves in February were the lowest for any time of crisis. Last month, reserves fell by 2.82 billion dollars (0.73 percent).
Recall that the reserves have reached its peak in August 2008, a little bit is not reaching up to 600 billion dollars. Because of the crisis the Central Bank was forced to spend tens of billions of dollars to maintain the ruble. In addition, the reserves have fallen because of falling oil prices.
It was expected that the reserves of Russia in 2009, significantly reduced due to the fact that the Government would need to cover the budget deficit, which reached in 2009, eight per cent of GDP.
In February 2009, the dollar and euro on the Russian market has stabilized in the region of 39-41 rubles per bivalyutnuyu basket (0.55 dollars and 0.45 euros). This has allowed the Central Bank to sell at less than market exchange reserves, and sometimes supplement them by selling rubles.
Russian reserves consist mainly of U.S. and the euro, monetary gold, reserve position in International Monetary Fund and certain other assets.
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