FX.co ★ Russia's Forex Reserves Plummet to $71.1B in June Amid Market Interventions

Russia's foreign exchange reserves took a significant hit in June 2024, plummeting to $71.1 billion, down from the previous level of $110.9 billion recorded in May 2024. The substantial decrease comes amid heightened intervention efforts in the forex market by Russian financial authorities.

The updated data, released on June 5, 2024, marks a concerning shift for Russia's financial stability. This unprecedented dip of nearly $40 billion in just one month highlights the intense pressures on the country's economic framework, emphasizing ongoing challenges in maintaining forex stability amid fluctuating global economic conditions.

Analysts are speculating that the sizeable reduction in reserves could be an attempt by monetary authorities to stabilize the ruble and control inflation. However, the long-term implications for Russia’s economy remain uncertain as the country navigates this significant financial strain.