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Russian Central Bank applies policy to protect national economy

Elvira-Nabiullina

Russian Central Bank applies policy to protect national economy

Moscow, Apr 11 (Prensa Latina) The president of the Central Bank of Russia, Elvira Nabiullina, assured the institution is implementing a policy to protect the country's economy and minimize the impact of foreign sanctions on the financial system.
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She stated that during 2022 the regulator will implement measures to defend the income and savings of citizens and will use all necessary tools to lessen the risks to financial and price stability.

“The difficult process of adapting to the new conditions will inevitably lead to a decline in GDP (Gross Domestic Product), but the Russian economy will be able to return to a growth trajectory, develop production, create new jobs and increase domestic investment,” the senior official stressed in her annual report.

According to the TASSS news agaency, as of April 1, Russia’s international reserves fell to $606.409 billion, a loss of 1.74 percent, equivalent to 10.724 billion dollars less than at the beginning of March, the Russian Central Bank reported.

Nabiullina stressed the country continues to have a sufficient amount of gold and yuan reserves, despite the freezing of part of the Russian Central Bank’s funds by several Western countries.

At the end of 2021, the foreign currency and gold assets of that entity amounted to $612.9 billion, of which $481.4 billion were foreign currency assets and $131.5 billion in gold.

According to the report, the yuan’s share in reserves increased from 12.8 percent to 17.1 percent in 2021, while the dollar’s share dropped from 21.2 percent to 10.9 percent.

In the case of euro funds, it increased from 29.2 percent to 33.9 percent and gold fell from 23.3 percent to 21.5 percent.

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