Russia's international reserves and oil funds

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Title: Russia's international reserves and oil funds
Author: Simola, Heli
Organization: Suomen Pankki
Bank of Finland
Department / Unit: Siirtymätalouksien tutkimuslaitos (BOFIT)
Institute for Economies in Transition (BOFIT)
Series: BOFIT Policy Brief
Series number: 4/2015
Year of publication: 2015
Publication date: 23.4.2015
Pages: 9
Subject (yso): valuuttavaranto; valtiontalous; rahastot
Keywords: Bofit-kokoelma; Russia
Abstract: Russia's international reserves decreased considerably in 2014, due in particular to the outflow of capital. The reserves are still relatively large and consist of liquid assets in accordance with international reporting practice. The majority of oil funds accumulated by Russia are part of the country's international reserves because they are controlled by the central bank, which has invested them in liquid foreign assets. This year, Russia has again started to tap its oil funds to compensate for the weakness of the economy. Because the assets have been drawn from the funds in roubles, this has not impacted the volume of international reserves.
Note: This article was originally published in Finnish under the title ”Venäjän valuuttavaranto ja rahastot”, BOFIT Policy Brief 2/2015

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