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. Last Updated: 07/27/2016

Russia's Reserves Drop

MOSCOW -- The Central Bank said Thursday that its gold and foreign exchange reserves amounted to $11.9 billion as of Dec. 18, down $100 million from a week earlier, Interfax reported.

This is the lowest level of reserves Russia has seen in years. In recent weeks the Central Bank's reserves have been depleting since peaking at $13.6 billion in November. Russia's debt obligations along with substantial dollar buying by importers is becoming a drain on the bank's hard currency stock.

Ruble emissions, further debt obligations, and the need to finance a restructuring of the banking sector will continue to put downward pressure on the Central Bank reserves, analysts said.