BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/14
Since July 2015, the Central Bank of Russia has avoided direct interventions in the currency market to influence the ruble’s external value. The value of the CBR’s gold and foreign currency reserves also climbed in January-March from $368 billion to $387 billion, mostly on the increase in the value of the CBR’s gold reserves from $49 billion to $58 billion. The value of the CBR’s foreign currency reserves also rose from $320 billion to $329 billion.
12-month consumer price inflation slowed to 7.3 % in March, due e.g. to the ruble’s appreciation and the fact that March 2015 provided a high base level.
Urals oil price and ruble-dollar exchange rate
Source: Reuters.