This was reported on the website of Bank of Russia. The regulator explains the reduction of reserves by the decline of balances on the accounts of the Ministry of Finance and the Central Bank, and also by the negative balance of currency exchange and market revaluation.
Earlier it was reported that Russia’s international reserves in the period from January 30 to February 6 fell to an eight-year low. Then the decline was due to the fact that the Central Bank was selling currency in the domestic market and provided banks with currency as repayable funds.
Russia’s international reserves are represented by highly liquid foreign assets available to the Central Bank and the government. They consist of funds in foreign currencies, Special Drawing Rights (SDRs), Russia’s reserve position in the International Monetary Fund (IMF) and the monetary gold.