Main Aggregates of External Sector Statistics in Q1 2019

According to Bank of Russia’s data, the surplus in the current account of the balance of payments of the Russian Federation in January–March 2019 totaled $33.7 billion (against $29.8 billion in January–March 2018). The driving factor was the strengthening of the external trade balance related to rising exports of energy products and falling imports as well as declining cumulative negative contribution of other current account components.

The surplus in the current account of the balance of payments stipulated the net lending of the rest of the world. Like a year before, it was shaped by the outpacing growth of residents’ investment in foreign assets vis-à-vis incurrence of liabilities to nonresidents. The expanding by $7.9 billion balance on private sector’s financial transactions reached $23.9 billion due to the more meaningful than in the preceding year growth of banks’ foreign assets in the form of interbank loans and deposits. International reserves of the Russian Federation gained in January–March 2019 $18.6 billion against $19.3 billion in January–March 2018, mainly, as a result of foreign currency purchases on the domestic market under the fiscal rule and receipts of proceeds from Eurobond placement by the Government of the Russian Federation.

The size of external debt of the Russian Federation as of March 31, 2019 totaled $468.8 billion. From the beginning of the year, external debt increased by $14.2 billion, which resulted, primarily, from nonresidents’ acquisition of sovereign securities denominated both in Russian rubles and in foreign currencies.

Positive Net International Investment Position of the Russian Federation gained from the year’s start $3.3 billion reaching $370.8 billion.

28 June 2019

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