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drivers. By the end of 2019, insurance reserves exceeded 2.5 trillion rubles (+37.3% YoY), with reserves under life insurance contracts accounting for 47

note has been prepared by the Research and Forecasting Department. All rights reserved. This note expresses the authors’ personal opinions and does not necessarily reflect

This note was prepared by the Research and Forecasting Department. All rights reserved. The views expressed in this note are solely those of the authors

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Current and capital account balance 70 47 30 18 Financial account (excluding reserve assets) -2 9 4 4 Government and the central bank -24 -6

Reserves, $bn Developed countries Emerging countries Russia 800 120% 109% External debt/GDP 2019 = 29% 700 636.4 Reserves/GDP 2019 = 33% 98% 100% Reserves

Current and capital account balance 70 47 30 18 Financial account (excluding reserve assets) -2 9 4 4 Government and the central bank -24 -6

a result of transactions recognised in the balance of payments, the international reserves (reserve assets) increased by $15 billion (2018 Q4: +$3 billion) primarily owing

regulation of banks’ required reserves with the Bank of Russia 0.0 0.0 0.0 2. Change in free bank reserves (correspondent accounts)*** (demand