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. Last Updated: 07/27/2016

Reserves Adjustment Nearly Finished




The Central Bank has almost finished recalculating its foreign reserves to exclude foreign affiliate's holdings, with about $250 million left to factor out, First Deputy Finance Minister Oleg Vyugin said Tuesday.


He said the official reserve figure, $10.9 billion on Sept. 24, had already dropped by around $1 billion due to the recalculations.


"About a quarter of what is to be factored out is left to be excluded. ... As far as I understand, the Central Bank will do this in the near future," Vyugin said, adding that all figures he mentioned were very rough.


The Central Bank has been factoring out reserves of its affiliates abroad from its total gold and foreign exchange reserves at the request of the International Monetary Fund.


The reserves have been stable at $10.9 billion for the last three weeks after slipping steadily since July 30, when they stood at $11.9 billion.


"The fall that took place was not caused by massive sales," Vyugin said. "It was caused by taking more than $1 billion out of the reserves."