Saturday, March 7, 2009

The rate of reduction of reserves Russia became the lowest-ever crisis.

International Reserves Central Bank of Russia in February showed the lowest rate of decline in August 2008, according to a press release of the Bank of Russia. On March 1, the reserves amounted to 384.074 trillion dollars, which is 2.82 billion (0.73 percent) lower than at the beginning of February.
In August 2008 the value of international reserves of the Central Bank reached a record and came close to 600 billion dollars. However, due to the ensuing exodus of capital from the country due to global financial crisis, the foreign reserves began to decline rapidly. In early September, they dropped to 574 billion dollars, and by early October - up to 546 billion.
A record decline in reserves was made in October 2008 when they were reduced by more than 70 billion dollars. By the end of January 2009 the rate has decreased significantly reduce ZVR. This is due to the suspension of smooth ruble devaluation and the collapse of the currency market players' demand for foreign currency.
According to the Central Bank, in February, the bank has ceased to sell the currency of international reserves to maintain the ruble. Net purchase of currency for the period amounted to 860 million dollars and 100 million euros.
Course dollar during the devaluation of the ruble in August 2008 - February 2009 Russia's currency rose to almost 12 rubles, or 55 per cent.

No comments: