Analýza vývoje struktury devizových rezerv Ruské federace

This bachelor’s thesis analyzes how the structure of the Russian Federation’s foreign exchange reserves evolved over 1993–2025 and separates the book value of reserves from what is immediately available under sanctions. The aim is to test whether the current composition meets standards of adequacy and usability. The approach combines descriptive portfolio analysis—currency composition and the share of monetary gold—with standard adequacy metrics: import cover, the Guidotti–Greenspan ratio, and the ratios of foreign exchange reserves to GDP and to the M2 money aggregate. The empirical section shows a shift away from Western currencies toward a higher share of gold and the Chinese renminbi, reflecting ongoing de-dollarization. A break occurs after February 2022: the freezing of part of the Central Bank of the Russian Federation’s foreign assets exposed limited immediate liquidity despite a high book total. While the indicators signal comfortable levels for most of the period, after 2022 their interpretation is constrained by the availability of sanction-resilient channels. The conclusion distinguishes quantitative adequacy—how much reserve stock exists—and qualitative usability—what the reserves consist of, where they are held, and how quickly they can be mobilized. The study recommends managing the quality and availability of foreign exchange reserves more rigorously and separating the accounting total from what is effectively accessible.