Page 41 - RusRPTJan22

5.2.2 Current account dynamics
Russia's current account surplus reaches a record $111bn in 11m2.
Russia's current account surplus continued to expand in November, reaching a record monthly figure of $17bn, pushing the 11m21 figure to $111.4bn.
The trade surplus reached $162.8bn in 11m21, up from $142bn in 10m21, supported by high commodity prices and strong external demand. Imports remained relatively muted in November, according to the CBR's estimates, due to the weaker ruble and a slight softening in domestic demand.
Capital outflow from the private sector also continued to increase, reaching $73.9bn in 11m21, up from $65.7bn in 10m21, as companies and banks increased their purchases of foreign assets. Foreign reserves increased by almost $4.2bn over the month and were up $60.5bn since the beginning of the year.
Sberbank CIB said in a note it expects the current account to remain strong in December, taking into account the still positive global environment. The bank expects a current account surplus of $125bn for the full year, which would be a record high.
Russia's strong current account surplus demonstrates that the recent ruble weakness has been the result of geopolitical tensions and increased capital
41 RUSSIA Country Report January 2022 www.intellinews.com