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Restructuring of reserves of the Central Bank of Russia in 2018

Vol. 25, Iss. 6, JUNE 2019

Received: 28 March 2019

Received in revised form: 11 April 2019

Accepted: 25 April 2019

Available online: 28 June 2019

Subject Heading: Banking

JEL Classification: R11, R12, R58

Pages: 1328–1335

Ivanov S.A. PAO VTB Bank, St. Petersburg, Russian Federation

Subject Reserves of the Central Bank are designated to finance the balance of payments in case of its shortage, intervene into currency markets so as to influence the foreign exchange rate and otherwise. Assets management should mitigate the credit risk and interest risk. Liquidity of such assets during sanctions became a special topic to discuss.
Objectives The article provides my own interpretation of methods for managing reserve assets of the Central Bank during developments in the economic situation.
Methods My recommendations are substantiated, verified and proved with techniques for grouping, sampling, comparison and generalization, evolutionary and dynamic analysis.
Results The article reviews key issues and solutions concerning the design of foreign exchange reserves of the Central Bank in line with global trends. Whilst some restrictions became especially stringent in 2018, certain actions were undertaken to reshape the structure, though their efficiency is questionable. There is undeniable evidence that some solutions are ineffective.
Conclusions and Relevance In 2018, sanctions against the Russian private and public entities were tightened. Foreseeing the reserve freeze which the Central Bank held in the U.S. treasury stocks, it had to opt for other currencies, being guided by political, rather than economic, motives.

Keywords: rates, negative exchange differences, reserves


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