Russian forex reserves fall by $12 billion in one week
In 2022, Russia's international reserves decreased by 8.4% (Photo:Oleg Shakurov / Pixabay)
Russia's international currency reserves fell by $12 billion (2%) in the week from Feb. 3 to Feb. 10, sitting at $589 billion, Russian Central Bank reported on Feb. 16.
The report stated that the volume of international reserves decreased “due to negative revaluation, as well as operations carried out within the framework of budgetary rules.”
“They have been on the upswing for months, but I expect a sustained loss of reserves from now on, as the impact of the discount on the Urals oil price weighs down, plus the loss of European market for (natural) gas sales,” UK economist Timothy Ash noted in his newsletter.
Throughout 2022, Russia's international reserves fell 8.4 percent to $577.5 billion, after reaching a historic high of $643.2 billion on Feb. 18, 2022.
In early February, it was reported that sanctions imposed on Russia for the invasion of Ukraine caused a gigantic $25 billion budget deficit. Russia's oil and gas revenues plummeted in January 2023, resulting in the largest January budget deficit since at least 1998.
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