Balance of Payments in Q3 2023

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

Alexander Yu. Knobel – Head of Foreign Trade Department of the Gaidar Institute for Economic Policy; Director of Center for Foreign Trade Department of the Russian Presidential Academy of National Economy and Public Administration; Director of the Institute for International Economics and Finance, Russian Foreign Trade Academy, Candidate of Economic Sciences (Moscow, Russia). Е-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 for Economic Policy; Director of Center for Central Banks Studies of the Russian Presidential Academy of National Economy and Public Administration, Doctor of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

At the end of Q3 2023, the current account surplus fell 3 times compared to Q3 2022 against the backdrop of both a decrease in the value of exports and an increase in the value of imports. The financial account deficit was formed in the wake of the outstripping increase in foreign assets (including reserve assets) compared to the growth of foreign liabilities. These trends resulted in the weakening of the ruble. This being said, the ruble was supported by the tightening of monetary policy, as well as the suspension of foreign exchange purchases by the Bank of Russia within the framework of mirroring regular operations of the Finance Ministry of the Russian Federation.

Key words: balance of payment, exports, imports, current account, ruble exchange rate, outflow/inflow of capital, Bank of Russia.

JEL-codes: E58, E44, F32, F21, F31.