Estimate of Key Aggregates of the Balance of Payments of the Russian Federation in January–September 2019

According to Bank of Russia’s estimate, the surplus in the current account of the balance of payments of the Russian Federation in January–September 2019 decreased to $57.2 billion from $75.1 billion in January–September 2018. The key role was played by the contraction of the surplus in external merchandise trade balance due to declining values of energy commodities’ exports against the backdrop of deteriorating world market prices. A slight widening of the deficit in balance on trade in services resulting from an increase of the imports was also conducive to the current account’s weakening.

The balance on financial transactions of the private sector in January–September 2019 was estimated by the Bank of Russia in the amount of $24.9 billion (against the outcome of $29.9 billion in January–September 2018). The aggregate’s dynamics was driven by banks' transactions to increase their external claims and reduce their liabilities vis-à-vis nonresidents. Other sectors’ financial flows were broadly balanced.

International reserves gained $51.1 billion (against the increase of $35.6 billion in January–September 2018) as a result of purchases of foreign currency in the domestic market under the fiscal rule and receipts of proceeds from sovereign bond placements abroad at the beginning of the year.

9 October 2019

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