Russia's gold and FX reserves hit record high after IMF transfer

MOSCOW, Sept 1 (Reuters) - Russia’s international gold and foreign currency reserves rose to a record high of $615.6 billion after receiving a tranche from the International Monetary Fund, the central bank said on Thursday.

The IMF gave Russia around $17.5 billion in its Special Drawing Rights in late August as part of the global $650 billion SDR allocation, its largest distribution of monetary reserves on record.

Russia’s gold and FX reserves, the world’s fourth-largest, rose by $20 billion in the week to Aug. 27, the central bank said in a weekly report.

Countries can use the SDR allocation to support their economies or swap them with other countries, but should not use the fiscal space to delay needed economic reforms or debt restructuring, the IMF said. (Reporting by Andrey Ostroukh; Editing by Alex Richardson)