Russian reserves shrinking
Russia’s international reserves in October decreased with an unprecedented 14 percent to 487,7 billion USD.
Only over the last week, the reserves have plummeted 31 billion USD. In the course of the last month, the sum has shrunk with 78 billion USD. The country now has total reserves of 484,7 billion USD, newspaper Vedomosti reports. The decrease is far bigger than expected by the Russian experts, the newspaper writes. However, the Russian Central Bank controls far from all that money. According to Vedomosti, 180 billion USD is managed by the Finance Ministry and 50 billion USD are promised to the Vnesheconombank. In addition 8-10 billion are to be spent on the support of banks. Consequently, about 250 billion USD of reserves remains under the control of the Central Bank Some experts believe the reserves are likely to continue to drop as the Russian government steps up support of crisis-ridden industry.
