Current account surplus lower in Q3 on cheaper energy commodities

The current account surplus fell in 2019 Q3 against the same period in 2018, as the trade balance surplus declined. These are the findings of the first quarterly issue of ‘Balance of Payments of Russia’, an information and analytical commentary. Cheaper energy prices drove exports lower. Imports grew as the ruble strengthened.

At the same time, the Russian private sector's net lending to foreign economies showed a strong slowdown on 2018 Q3 as banks’ foreign assets fell and other sectors ramped up foreign liabilities.

In Q3, the public sector’s net foreign capital borrowing sustained, although it contracted against this year's previous quarters on the back of non-residents’ reduced purchases of state bonds in the secondary market.

International reserves continued to grow in 2019 Q3, chiefly driven by the fiscal rule-based foreign currency purchases.