Russia’s Central Bank Comments on IMF Latest Aid

The International Monetary Fund (IMF) approved funding of approximately $17.55 billion for Russia, as part of general support for all countries affected by the pandemic.

The money will be sent to the international reserves of the Russian Federation, Russian media reported.

The size of the international reserves of the Russian Federation, which is supervised by the Central Bank of the Russian Federation, has decreased since the beginning of the year from $597.4 billion to $593.8 billion, according to the latest data from the regulator as of August 13.

A year earlier, at this point, reserves amounted to $590.2 billion, and at the beginning of 2020 – before the pandemic – $556 billion.

On August 2, the IMF approved a general allocation of Special Drawing Rights (SDR, fund unit of account) in an amount equivalent to $650 billion. In total, this is approximately 456 billion SDR. In monetary terms, Russia received $17.55 billion.