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VTB: CBR reserves reach year-high as of end-September

October 9, 2012
According to the CBR, Russia’s international reserves increased USD 13.5bn in September to reach USD 528.1bn as of 1 October, the highest level since 1 September 2011. Foreign currency reserves increased USD 11.5bn and gold gained USD 3.8bn.

The CBR’s international reserves mainly advanced on the back of both the ongoing rally in EUR (from 1.20 at the end of July to the 1.32 posted in mid-September) and GBP strengthening against USD last month, adding USD 7.2bn and USD 5.7bn, respectively to the headline change in the CBR’s reserves. According to the official data, the CBR’s net selling during the reported period (1-30 September) totalled USD 0.5bn (RUB 18.3bn) and reduced the reserves. At the same time, the share of gold in the CBR’s reserves kept growing and exceeded 10% for the first time ever, supporting the CBR’s broadly announced willingness to increase gold reserves.

Maxim Oreshkin, Daria Isakova
VTB Capital analysts