GOLD AND FOREIGN EXCHANGE RESERVES OF THE RUSSIAN FEDERATION AS A FACTOR IN ENSURING THE STABILITY OF THE COUNTRY’S FINANCIAL SYSTEM

Abstract

In the context of the geopolitical crisis and serious sanctions pressure on Russia, maintaining financial independence is becoming one of the priorities of the Russian economy. Historically, it is the gold and foreign exchange reserves in the context of international crises of a political and economic nature that help governments overcome the possible negative consequences of their impact on the country's economy and the quality of life of the population, acting as a kind of “safety cushion” of the financial system. The globalization mechanisms for the development of the international financial system, including those related to the digitalization of financial processes and the emergence of new financial institutions aimed at improving financial regulation, as shown by an analysis of the current situation in recent decades, have not reduced the importance of international reserves for national economies, on the contrary, complicating the tools for managing them. The article reveals the significant role of the country’s gold and foreign exchange reserves in crisis conditions. The analysis of the dynamics of the volume of international reserves of the Russian Federation, since the end of the last century until now, is presented. The analysis focuses on the nature of the behavior of international reserves during the crises of 2008, 2014-2015, 2020 and the current crisis. Particular attention is paid to the structure of accumulated international reserves of the Russian Federation, where two large groups are identified: foreign exchange reserves and monetary gold. The structure of foreign exchange reserves is considered separately. Attention is paid to the ratio of the external debt of the Russian Federation and the volume of accumulated reserves. The main activities of the monetary structures of the Russian Federation on the formation and use of international reserves are identified as: finding ways to unfreeze our assets denominated in US dollars, euros, Japanese yen; reviewing ways to form gold and foreign exchange reserves.

Keywords

gold and foreign exchange reserves, international reserves, financial institutions, financial systems

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About the Authors

Tatiana V. Kudryashova – Cand. Sci. (Economics), Docent; Associate Professor, Yaroslav-the-Wise Novgorod State University, Veliky Novgorod, Russia. E-mail: Tatyana.Kudryashova@novsu.ru. SPIN РИНЦ 5220-2148. ORCID 0000-0003-4056-3855. ResearcherID F-2694-2019
Evgeny A. Dolgikh – Student in the Master’s programme, Yaroslav-the-Wise Novgorod State University, Veliky Novgorod, Russia. E-mail: dolgikhea@live.com

For citation

Kudryashova T.V., Dolgikh E.A. Gold and Foreign Exchange Reserves of the Russian Federation as a Factor in Ensuring the Stability of the Country's Financial System // BENEFICIUM. 2022. Vol. 2(43). Pp. 66-72. (In Russ.). DOI: 10.34680/BENEFICIUM.2022.2(43).66-72