Russian international reserves hit new low

- Reserves down to $374.7 billion, the lowest since 2007, central bank reports.

MOSCOW (AA) - The Russian central bank's international reserves have fallen to $374.7 billion - their worst low for eight years, according to the bank's latest report.

The latest figures released on Thursday related to Feb. 6 and indicated a drop of nearly $1.6 billion in one week from the Jan. 30 reserves of $376.3 billion.

The last time the international reserves were lower was on 4 May, 2007, when the total stood at $372.1 billion.

Russia’s international reserves incurred a major decline in 2014 and plummeted to $385.46 billion - a 24.4-percent decrease in comparison with the year before.

One cause behind the recent drop was the failure of the recent bond sale by the Russian Treasury, when only a fifth of the offer was sold at the Jan. 20 auction.

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