Russia's international reserves increase 1.3% in April to $597.9 bln dollars - CBR

MOSCOW. May 8 (Interfax) - Russia's international (gold and foreign exchange) reserves increased $7.537 billion, or 1.3% in April 2024 to $597.911 billion from $590.374 billion, a report on the Russian Central Bank website said.

From January through April 2024, reserves decreased $681 million, or 0.1%, from $598.592 billion as of January 1.

The value of monetary gold in reserves in April increased $9.857 billion, or 5.9%, to $175.896 billion. The share of gold in Russia's reserves increased to a record 29.4% from 28.1%.

The Bank of Russia, after the sanctions imposed on it in 2022 by Western countries, has limited management of a significant part of its gold and foreign exchange reserves. Reserves consisting of gold and assets in Chinese yuan were not subject to restrictions. The main factor affecting the value of the reserves is changes in the value of reserve assets as a result of revaluation against the U.S. dollar, as well as operations conducted as part of the fiscal rule.

International reserves are the liquid foreign assets available to the Bank of Russia and the Russian government. They consist of foreign currency assets, monetary gold, special drawing rights (SDR, special drawing rights, the unit of account used by the International Monetary Fund, IMF), the reserve position in the IMF and other reserve assets.