Russia's int'l reserves rose 1.3% to $590.4 bln in March - CBR

MOSCOW. April 5 (Interfax) - Russia's international reserves rose $7.738 billion or 1.3% in March to $590.374 billion from $582.636 billion, according to data on the Central Bank of Russia's website.

The reserves fell $8.218 billion or 1.4% in Q1 2024, from $598.592 billion on January 1.

Monetary gold grew $13.518 billion or 8.9% to $166.039 billion or a record 28.1% of the reserves in March, from 26.2% in February.

The Central Bank has only limited control of a significant portion of its gold and foreign exchange reserves due to sanctions imposed on it by Western countries in 2022. Reserves consisting of gold and Chinese yuan assets were not sanctioned. Reserves dynamics are influenced largely by changes in the value of reserve assets due to revaluation against the U.S. dollar, and by operations carried out in the framework of the fiscal rule.

International reserves consist of foreign exchange, monetary gold, SDR holdings, reserve position in the International Monetary Fund and other reserve assets.