Page 68 - RusRPTJun21

Russia key trade results $bn
Indicators January-April 2021 January-April 2020 (estimate)
Current account 28.1 28.1
Trade balance 35.8 40.5
Private sector financial balance 18.7 28.0
Change in reserve assets * 9.5 2.6
source: CBR
5.2.4 Gross international reserves
Russia’s foreign exchange holdings soared by $1bn in the last week of April to hit $590.5bn as of May 1, the Central Bank of Russia (CBR) reports.
“International reserves stood at $590.5bn as of April 30... as a result of foreign exchange purchases under the fiscal rule, as well as a positive revaluation,” the regulator said on its website.
Russia’s reserves have grown by around $100bn in the last two years and now are the equivalent of over two years of import cover.
The country has been actively reshaping its international holdings, cutting the share of the US dollar in favour of other currencies and gold.
The recent record rally in gold prices drove Russia’s international holdings to all-time highs in August, when they surpassed the $600bn level. The previous record of $598.1bn was reached in August 2008, right before the global financial crisis, Russia Business Today reports.
New figures from the US Treasury show Russia has further reduced its dollar asset holdings by over $1bn between February and March to just $3.976bn from $5.756bn a year earlier
68 RUSSIA Country Report June 2021 www.intellinews.com