Russia Reserves Fall $7.9 Billion, Biggest Drop Since May - Bloomberg

Russia Reserves Fall $7.9 Billion, Biggest Drop Since May - Bloomberg:



"Russia’s international reserves, which have shrunk by more than a fifth since last year’s peak, are in the spotlight after the central bank shifted its currency intervention policy as the ruble plunged to a record.



The value of the stockpile has declined for 10 straight weeks to $439.1 billion as of Oct. 24. The central bank is due to publish data on last week’s changes today. The ruble weakened to a record low, depreciating 0.9 percent against the dollar as of 12:48 p.m. in Moscow.



Under new rules announced yesterday, the Bank of Russia can conduct large-scale discretionary interventions to defend against what it deems to be threats to the nation’s financial stability. Such operations will be restricted only by the size of the reserves, central bank First Deputy Governor Ksenia Yudaeva said yesterday. The holdings are now in a “comfortable zone” that allow the regulator to act without any “substantial limits,” she said."



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