FX Intervention and FX Reserves Management

4 Pages Posted: 13 Dec 2019

Date Written: October 31, 2019


Russia introduced its inflation targeting regime in 2015. Subsequently, fiscal policy was changed with a view to reducing the economy’s dependence on natural resource prices; these changes are known as “the fiscal rule”. At the same time, a financial stability policy and its instruments were developed. These changes in the monetary, fiscal and financial stability policies are the main factors that have influenced FX reserves accumulation and adequacy, intervention policy and reserves management in recent years.

Full Publication: Reserve Management and FX Intervention

Keywords: inflation targeting, fiscal rule, exchange rate, FX reserves

JEL Classification: E52, E58, E62, E63

Suggested Citation

the Russian Federation, Central Bank of, FX Intervention and FX Reserves Management (October 31, 2019). BIS Paper No. 104t, Available at SSRN: https://ssrn.com/abstract=3501134

Central Bank of The Russian Federation (Contact Author)

Central Bank of Russia

12 Neglinnaya Street
Moscow, 107016

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