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    The Russian Central Bank’s reserves increased to $733.4 billion, up from $729.1 billion.

    by VT Markets
    /
    Dec 4, 2025
    The Central Bank of Russia has increased its reserves to $733.4 billion, up from $729.1 billion. This represents a 0.6% rise. The growth in reserves may reflect various economic activities and decisions by the central bank. It also shows a stronger financial position for Russia, indicating a more stable ruble. We are looking for opportunities to bet against the dollar’s strength compared to the ruble. Derivative traders might consider selling out-of-the-money USD/RUB call options, expecting that the exchange rate will not rise significantly in the upcoming weeks.

    Composition Of Reserves

    These reserves consist of foreign currency, gold, and other assets. Their amounts can signal broader economic trends and influence policy changes. The recent increase in reserves is largely due to strong commodity prices. Brent crude has averaged over $88 per barrel during the last quarter of 2025, boosting Russia’s export revenues. This steady flow of foreign currency strengthens the central bank’s ability to support the ruble if necessary.

    Impact On Currency Volatility

    With the ongoing buildup of reserves, we might see less sudden volatility in the ruble’s value. Lower realized volatility could make trading strategies like selling strangles on currency pairs such as EUR/RUB or CNH/RUB more profitable. The market’s fear reflected in options prices may be higher than the actual risk. Looking back, the current reserve levels show a significant recovery from the asset freezes of 2022. This recovery highlights a resilience built on redirected trade flows that have strengthened over the last two years. It suggests that the current economic stability is a long-term trend, not just a temporary situation. This financial cushion enables the Central Bank of Russia to maintain its high policy rate, which was 15% in November 2025, without harming the economy. The high interest rate differential makes carry trades involving the ruble appealing. Therefore, we should keep an eye on interest rate swaps for any shifts in policy expectations. Create your live VT Markets account and start trading now.

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