Russia's international reserves at $396.2 billion, down 34 per cent since August

23 January 2009

Russia's international reserves fell by $30.3 billion last week, the second-biggest fall on record, as the central bank continued to sell currency to slow the decline and support the  Russian rouble

Russia's international reserves, the worlds third largest, after China and Japan, now stand at $396.2 billion, from $426.5 billion  on 9th January, down more than 34 per cent (nearly $200 billion) than its peak of $598.1 billion in August 2008 the Russian central bank reported.

The reserves comprise of 45 per cent dollars, 44 per cent euros, 10 per cent British pounds and 1 per cent Japanese yen.

The Russian central bank has utilised that money to support the currency and evade a free-fall to avoid panic.

The central bank generally does not allow the rouble to fall more than 1 per cent against its dollar-euro basket in a day. Since August the rouble  dropped 30 per cent  against the dollar, when the oil prices fell resulting in huge capital outflows.

The Rouble has dropped more than 20 per cent against the basket and a little more than 10 per cent against the euro since August.