Page 43 - RusRPTFeb20

Previously the economists of ING argued that the improvement in the corporate capital flows in the end of 2019 ​supports a constructive stable near-term view on the ruble​.
5.2.4​ Gross international reserves
Russia returns to US debt market, reserves reach pre-crisis levels.
Russian holdings of the US debt increased in August 2019 after the Central Bank of Russia (CBR) previous sold off much of its US holding of US Treasury securities in the spring of 2018.
The Russian central bank is content with the level of reserves, which passed $557bn in January, regaining their pre-crisis peak value. The CBR also slowed its purchase of gold noticeably in the last months of 2019. With surplus reserves continuing to flow into the state coffers, the Central Bank has returned to the US debt market, looking for somewhere to invest its “superfluous reserves.”
43​ RUSSIA Country Report​ February 2020 ​ ​www.intellinews.com