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4 Jun 2015
Bank of Russia plans to build forex reserves up to $500 billion
FXStreet (Mumbai) - The Bank of Russia plans to build foreign currency reserves until they reach a "comfortable level of up $500 billion," the central bank's Governor Elvira Nabiullina said at a banking conference in St Petersburg on Thursday.
Key Quotes:
"In the optimal situation reserves must be enough to cover significant outflows of capital lasting two to three years. Therefore we now consider as very comfortable a level of reserves, covering long stress situations, of up to $500 billion. This is the level that we were used to,"
"The situation is such that we must consider also covering demand for reserves connected with limited access to the markets, with the outflow of capital, for a longer period than is proposed by standard approaches to reserve sufficiency,"
"Therefore one of the tasks over the period ahead is to grow the reserves over the course of years."
Key Quotes:
"In the optimal situation reserves must be enough to cover significant outflows of capital lasting two to three years. Therefore we now consider as very comfortable a level of reserves, covering long stress situations, of up to $500 billion. This is the level that we were used to,"
"The situation is such that we must consider also covering demand for reserves connected with limited access to the markets, with the outflow of capital, for a longer period than is proposed by standard approaches to reserve sufficiency,"
"Therefore one of the tasks over the period ahead is to grow the reserves over the course of years."