The article discusses the Bank of Russia approach to the formation of international reserves in the context of the Russia's financial security. The author's interpretation of the concept of “financial security” is proposed. The criteria for the adequacy of international reserves are analyzed. The method of using international reserves to determine the estimated exchange rate of the ruble in comparison with the official exchange rate is given in the article. The risks and losses of the Central Bank of the Russian Federation on exchange rate differences in the process of managing international reserves are shown by the author. The author also shows positive trends in the de-dollarization of the Russian economy and in the increase of monetary gold in the gold and foreign exchange reserves of the Bank of Russia.