Bank of Russia to continue accumulating international reserves within fiscal rule framework – CB chief

TASS Russian News Agency | Jun 14, 2019 at 3:32 PM

/Update/

MOSCOW, June 14. /TASS/. Russia’s international reserves reached $500 bln and the Central Bank will continue accumulating them within the fiscal rule framework, Governor of the Bank of Russia Elvira Nabiullina said at a press conference on Friday.

"We have indeed achieved this figure, $500 bln. I would like to remind nevertheless that we started speaking about $500 bln when we had no fiscal rule. Accumulation is largely taking place with us now within the fiscal rule framework, and we will continue doing so. Therefore, we do not anticipate any special review of targets," Nabiullina said.

The $500 bln mark was not a limit or a goal of reserves buildup, she said. It reflected perception of the Central Bank regarding "the desirable level providing higher comfort from the standpoint of a safety cushion," Nabiullina said.

Russia’s international reserves rose by $7.5 bln over the week and totaled $502.7 bln as of June 7, 2019, the Central Bank said on Thursday.