Sanctions-hit Russia has lost around a tenth of hard currency reserves so far this year in dollar terms, bucking a generally rising trend across most emerging markets.
Russian reserves stood at $457 billion by end-September, compared with $510 billion at the end of 2013 and $515 billion a year ago, because of hefty ruble-supportive interventions during the Crimea crisis earlier this year.
Russian reserves also edged down by the equivalent of $20 billion in the third quarter, primarily due to valuation effects. Around 40 percent of its reserves are in euros. The currency fell 8 percent versus the dollar between July and September.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
