Russian Foreign Currency Reserves Continue to Grow

Foreign currency reserves of the Russian Federation grew up for the seventh week in a row and now are at their record high value — $459.6 billion.

As the oil prices are surging to their new maximums the oil-exporting Russian economy wins greatly, increasing the profits of the country’s largest oil companies and supplying national currency reserves with new dollars. Russia has the third largest national reserves in the world, lagging behind China’s $1.4 trillion and Japan’s $930 billion. Its current size was achieved starting with only $12.3 billion back in 1998, thus gaining more than 3636% in nine years.

Russian ruble has grown significantly against U.S. dollar for the past 2 years after Russian Central Bank changed ruble’s peg to dollar to a basket of currencies, where euro is dominating. But for the last week, when the appreciated against other currencies, ruble fell significantly — USD/RUB rose from 24.2649 to 24.3622.

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