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  Wednesday, November 20, 2019
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Russia's international reserves, which hold foreign currency and gold, decreased
Russia's international reserves, which hold foreign currency and gold, decreased by $51.68 billion or 11% to $427.08 billion in 2008, the Central Bank of Russia said on Thursday.

Russia's international reserves stood at $478.76 billion as of January 1, 2008.

The Central Bank said the decrease in the country's reserves was caused by the bank selling foreign currency to prop up the ruble and ensure a gradual depreciation amid capital outflow due to the global financial crisis and declining global oil prices. In addition, the bank said the negative revaluation of reserves as a result of the U.S. dollar's growth against the euro and the British pound had also resulted in a decrease.

The plunge in the country's gold and foreign exchange reserves was also caused by the transfer of a part of Russia's international reserves to state-controlled national development bank Vnesheconombank and other banks to shore up the country's financial system, the statement said.

Apart from foreign currency and gold, Russia's international reserves are also composed of special drawing rights (SDRs), a reserve position in the International Monetary Fund (IMF) and other assets.


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