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International reserves of the Russian Federation: The issues of formation and management

Vol. 25, Iss. 5, MAY 2019

Received: 20 March 2019

Received in revised form: 3 April 2019

Accepted: 17 April 2019

Available online: 30 May 2019

Subject Heading: Banking

JEL Classification: E58

Pages: 1101–1116

Nazar'yants A.A. Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Subject This article considers the main tendencies and factors of formation and management of international reserves of the Russian Federation.
Objectives The article aims to analyze the structure and changes in the international reserves of the Russian Federation regarding the banking sector and identify the main problems related to their formation and management.
Methods For the study, I used the methods of analysis and synthesis, comparative analysis, and the graphical approach.
Results The article shows the main tendencies in the dynamics of international reserves of the Russian Federation and reveals the main problems in this area, revealing the causes of their occurrence.
Conclusions In Russia, the international reserves managed by the Bank of Russia have been generally increasing from the beginning of the 2000s, except for periods of 2008–2009, when part of the reserves was used to maintain the stability of the Russian ruble exchange rate. The question of the advisability of "freezing" significant resources in international reserves and placing them in assets in industrialized countries instead of investing in the Russian economy is ambiguous and controversial.

Keywords: international reserves, exchange rate, monetary policy


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Vol. 25, Iss. 5
May 2019