International reserves of Russia down to $379.4B

Figures released by Russia's central bank have revealed that the country's international reserves are down to $379.4 billion as of Jan. 16. Thursday's data revealed that between Jan. 9 and Jan. 16 the bank spent $6.8 billion from its international reserves. No change was recorded the previous week and the week before that, the regulator spent $2.3 billion. According to the central bank, Russia's international reserves consist of foreign exchange, SDR holdings, the International Monetary Fund reserve position and monetary gold. In recent months the regulator has been compelled to sell off large amounts of foreign currency in order to stabilize the plummeting ruble, which hit record lows on Dec. 16 and has yet to show any significant recovery.