HomeMediaLatest NewsBackup move: the Russian Federation has risen to sixth place in terms of foreign exchange reserves

Backup move: the Russian Federation has risen to sixth place in terms of foreign exchange reserves

12 February 2024

Tanasova Anna S. Deputy Head of the Financial analysis Department, Head of the Financial research sector

Anna Tanasova, Deputy Director of the Financial Analysis Department of the Institute for Energy and Finance, commented to the Izvestia newspaper on reserves of foreign exchange and gold.

Gold and foreign exchange reserves act as a buffer for the stability of the financial system, Anna Tarasova noted.

— One of the criteria for their sufficiency is the ratio to the country's imports in one month. According to international standards, it is considered that this level of coverage should be at least three months. In Russia it exceeds eight, she explained.

The fact that Russia was able to overtake Saudi Arabia is, among other things, the result of changing approaches to the placement of the Arab country's foreign exchange reserves — they began to be directed more to the national development funds, Anna Tanasova explained.
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