  We construct a dynamical reflection equation algebra, $\tilde {\mathcal{K}}$,
via a dynamical twist of the ordinary reflection equation algebra. A dynamical
version of the reflection equation is deduced as a corollary. We show that
$\tilde {\mathcal{K}}$ is a right comodule algebra over a dynamical analog of
the Faddeev-Reshetikhin-Takhtajan algebra equipped with a structure of right
bialgebroid. We introduce dynamical trace and use it for constructing central
elements of $\tilde {\mathcal{K}}$.
