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Estimate of Key Aggregates of the Balance of Payments of the Russian Federation in January – September 2021

The essentials: the current account of country’s balance of payments continues to grow at a record high. According to the Bank of Russia’s preliminary estimate, in January — September 2021 the current account surplus of the balance of payments of the Russian Federation amounted to $82.2 billion.

Key Aggregates in details:

— The main role continues to be played by the trade balance surplus, which increased by $55.7 billion to $124.5 billion. This was due to the growth of exports of goods in physical terms in the conditions of favorable market environment in the world commodity markets. The increase in merchandise imports only partially offset this increase in exports;

— The aggregate deficit of other components of the current account grew slightly mainly as a result of an increase of investment income paid to non-residents by other sectors amid a gradual recovery in business activity;

— The surplus of financial transactions in the private sector significantly (by $19.2 billion, or 48%) increased and amounted to $59.0 billion.  Unlike last year, this indicator was formed almost entirely due to the other sectors transactions on the acquisition of foreign assets;

— International reserves increased by $41.8 billion as a result of both foreign currency transactions carried out in the domestic foreign exchange market under the fiscal rule, as well as the acquisition by the Russian Federation of special drawing rights (SDRs) in the amount of $17.5 billion within the framework of the IMF decision on the new SDR allocation among member countries.

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Last updated on: 11/10/2021