Russia's foreign currency and gold reserves have plunged by more than $38 billion since the Ukraine war began, Russian central bank says
- The Russian central bank said Thursday that its foreign currency and gold reserves have shrunk by $38.8 billion.
- Interventions and foreign exchange refinancing are part of the reason for the decline, the bank said.
On February 18, Russia's reserves were at $643.2 billion. As of March 25, the stockpile is at $604.4 billion, the bank said in a Thursday statement. Last month, the bank had said it wouldn't be releasing its reserve numbers for three months.
Reasons for the decline include interventions, foreign exchange refinancing, and a currency revaluation of assets, according to the bank.
Since Russia invaded
The Russian central bank has made a flurry of moves to stave off an economic collapse, including limited foreigners from moving money and raising interest rates. The country has teetered on the brink of default.
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