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

According to Bank of Russia’s estimate, the surplus in the current account of the balance of payments of the Russian Federation in the 1st Half of 2019 totaled $45.8 billion against $47.7 billion in January–June 2018, which resulted from insignificant decline of the surplus in the external merchandise trade balance due to a more substantial decrease of the merchandise exports’ value vis-à-vis that of imports. The noticed decline of the surplus in the external merchandise trade balance was partially offset by the diminishing negative balance on trade in services driven not only by the contraction of imports, but also as the consequence of a negligible growth of exports’ volume in external trade in services.

Net financial transactions of the private sector in January–June 2019, according to Bank of Russia’s estimate, totaled $27.3 billion ($11.1 billion in January–June 2018). The decisive role in shaping the outcome was played by banks’ transactions to allocate funds abroad and extinguish liabilities to nonresidents. Other sectors’ transactions had a neutral effect on the aggregate’s dynamics. As a result of transactions, international reserves gained $35.2 billion, primarily, due to the acquisition of foreign currency on the domestic market under the fiscal rule and receipt of funds from sovereign securities’ placements.

9 July 2019

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