Balance of Payments in Q2 2019

Alexandra V. Bozhechkova – Head of Monetary Policy Department of the Gaidar Institute; Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Pavel V. Trunin – Head of Center for Macroeconomics and Finance of the Gaidar Institute; Leading Researcher of the Russian Presidential Academy of National Economy and Public Administration, Doctor of Economic Sciences (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Positive trade surplus significantly reduced in Russia in Q2 2019 resulted from fast reduction of export vs import values. Federal authorities and private enterprises enjoyed net capital inflow. Banks increased foreign assets and reduced their commitments to non-residents. Rate of Ruble exchange has slightly strengthened during this period, however, risks of its reduction still remain.

Key words: balance of payments, export, import, current account, rate of Ruble exchange, capital outflows, Bank of Russia.