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Banks have also seen a sharp decrease in foreign currency deposits, indicating a significant outflow of capital. Individuals had minimal impact on the market during this period, according to the Central Bank's review.
The depreciation of the ruble in June was primarily driven by financial operations of Russian companies and banks in the context of lower exports and reduced liquidity. The contraction of liquidity has become a crucial factor. A significant increase in prices associated with the ruble's fall is likely inevitable. However, not all outflows in recent weeks are stable, so a short-term strengthening of the ruble to 82-83 against the dollar is also possible, noted Dmitry Polevoy.
5.2.4 Gross international reserves
Foreign Exchange Reserves in Russia decreased to $582.4bn in June from $584.2bn in May of 2023.
A growing number of countries are repatriating gold reserves as protection against sanctions like those imposed by the West on Russia, Reuters reported, citing an Invesco survey of central bank and sovereign wealth funds.
Last year's plunge in financial markets led to widespread losses for sovereign money managers who are "fundamentally" rethinking their strategies on the belief that higher inflation and geopolitical tensions are here to stay.
50 RUSSIA Country Report August 2023 www.intellinews.com