Page 48 - RusRPTMar20

5.2.3​ Capital flight dynamics
5.2.4​ Gross international reserves
Russia’s gross international reserves (GIR) had risen to $563.1bn ​as of February 21, according to the CBR.
Russia’s GIR keep rising and are now well beyond the $500bn “comfort level” CBR governor Elvira Nabiullina previously named as the CBR’s target.
The bne IntelliNews has written (see the politics section above) the central bank now feels that the economy is well insulated against shocks thanks to the high level of reserves and the tax revolution of the last two years so it is switching its policies to emphasis growth over stability.
48​ RUSSIA Country Report​ March 2020 ​ ​www.intellinews.com