As of February 1, 2023, the Russian international reserves reached 597.035 billion dollars, rising by 2.59 percent since the start of January 2023, which translates to an increase of 15.046 billion. This figure comes from the press service of the Bank of Russia.
For comparison, on February 1, 2022, international reserves stood at 630.207 billion dollars, showing a decrease of 5.3 percent from the current value, or 33.172 billion dollars less.
A country’s international reserves comprise foreign currency holdings, monetary gold, special drawing rights, the reserve position in the International Monetary Fund, and other reserve securities. These components form the financial buffer that central banks can draw upon to manage volatility in exchange rates and external shocks.
In mid-January, Denis Perepelitsa Plekhanov, head of the Department of World Financial Markets and Fintech at the Russian University of Economics, observed that Russia’s reserves began to rise in early January due to the restoration of the fiscal rule. This assessment reflects how fiscal policy signals can influence reserve accumulation when fiscal buffers are tapped or rebuilt during periods of policy recalibration.
Meanwhile, in early December, Ksenia Yudaeva, First Deputy Governor of the Bank of Russia, noted that the bank considers its international reserves to be at a sufficient level to cover potential risks. She stated that there had not been a need to increase reserves at that time, signaling a measured stance toward reserve management while maintaining ample liquidity to address shocks if they occur.