Phil Rosen
Russian President Vladimir Putin attends a meeting in Moscow, Russia, on March 29, 2022. Mikhail Klimentyev, Sputnik, Kremlin Pool Photo via AP The Russian central bank said Thursday that its foreign currency and gold reserves have shrunk by $38.8 billion. Interventions and foreign exchange refinancing are part of the reason for the decline, the bank said. Since Russia first invaded Ukraine, Western nations have imposed stringent economic sanctions. Loading Something is loading.
Russia’s central bank announced its foreign currency and gold reserves have plunged by $38.8 billion over the last month.
On February 18, Russia’s reserves were at $643.2 billion. As of March 25, the stockpile is at $604.4 billion, the bank said in a Thursday statement. Last month, the bank had said it wouldn’t be releasing its reserve numbers for three months.
Reasons for the decline include interventions, foreign exchange refinancing, and a currency revaluation of assets, according to the bank.
Since Russia invaded Ukraine, nations around the world have imposed heavy economic sanctions on Russia’s economy, corporation, and oligarchs. Western nations froze roughly two-thirds of Russia’s reserves.
The Russian central bank has made a flurry of moves to stave off an economic collapse, including limited foreigners from moving money and raising interest rates. The country has teetered on the brink of default.
The ruble at one point was worth less than a penny, though it has since stabilized and climbed back to near pre-invasion levels.
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