Russia's currency reserves top USD 600 billion

RUSSIA / FSU POLITICS - In Brief 01 Jun 2021 by Alex Teddy
On May 31 it was repoted that Russia's gross international reserves had hit an all time high. The Central Bank of Russia noted that the reserves rose 1.2% from May 14-21. The bank said its comfort level was USD 500 billion. Putin has underscored the importance of building such reserves. He remembers 1998, when Russian reserves were close to zero.There is a fiscal rule that oil revenues, when oil is over USD 42 per barrel, went to the sovereign wealth fund. Benchmark Brent crude is now USD 66 a barrel.Russia's reserves have doubled since 2016. The question is has the government been too parsimonious? With this much money why not spend more stimulating the economy?

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