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Holdings rose by more than $5 billion in a single week, Central Bank says

Russia’s foreign currency reserves have exceeded $580 billion, the Bank of Russia announced on Thursday.

According to the regulator, holdings rose $5.2 billion or 0.9% in the week to December 16, to $581.7 billion. The increase was attributed to a positive market revaluation.

About half of Russia’s foreign currency reserves were frozen by Western central banks in early March as part of sanctions related to the Ukraine conflict. The remaining holdings consist of gold and foreign currencies held in the country, as well as Chinese yuan assets. Before the conflict, on February 18, Russia’s foreign exchange reserves had reached an all-time high of $643.2 billion.

Russian Prime Minister Mikhail Mishustin has accused the West of discrediting the idea of ​​international reserves, using the dollar as a weapon in the sanctions war against Russia.

Russia becomes the fourth largest holder of foreign exchange reserves

Russia’s international reserves are highly liquid foreign assets held by the Bank of Russia and the government. They consist of monetary gold, special drawing rights (SDRs) within the IMF and foreign currency funds. Last month, Russia jumped to fourth place among the world’s largest economies in terms of currency holdings, after China, Japan and Switzerland.

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