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Estimates of Key Aggregates of the Balance of Payments of the Russian Federation in January–August 2020

According to the Bank of Russia’s preliminary estimate, the surplus in the current account of the balance of payments of the Russian Federation in January — August 2020 totaled $23.3 billion that is less than half of the indicator for the same period of last year ($49.0 billion). Such dynamics was formed as a result of the reduction of the positive balance of foreign trade in goods due to decrease in export against a background of unfavorable international conditions with significantly less decline of the volume of merchandise imports. The negative contribution of the balance of services and investment income to the resulting balance of current account reached a minimum.

Net financial transactions of the private sector was $34.8 billion, compared to $20.0 billion a year earlier. The decisive factor was the reduction of liabilities of banks and other sectors to non-residents.

International reserves decreased by $8.6 billion mainly due to the transactions related to the repayment of sovereign debt, as well as due to the net sale of foreign currency by the Bank of Russia in the domestic foreign exchange market.

Aggregates January — August 2020 (estimate) January — August 2019
Current account 23,3 49,0
Trade balance 57,3 109,8
Balance on financial transactions of the private sector 34,8 20,0
Change in reserve assets* -8,6 45,4

* Reported data

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Last updated on: 09/09/2020