Page 44 - RUSRptSept18

5.2.2 Current account dynamics
Russia's current account surplus widened to $22.3bn in the second quarter of 2018 from $1.9bn in the same period of the previous year, a preliminary estimate showed.
The current account surplus increased to $60.7bn in 7m18 , versus $53.2bn in the first half of 2018, according to preliminary data from the CBR. Meanwhile, the trade surplus rose to $104bn from $90.6bn. The current account was boosted by stronger capital outflows and ongoing FX purchases by the Finance Ministry in July and over the entire course of 7m18 (it bought almost $34bn in 7m18 and plans to buy up to $6bn in August, barring elevated FX volatility).
Capital outflows from the private sector reached $21.5bn in 7m18, up from $17.3bn in the first half of 2018. They are likely to intensify in August as investors reassess their view on Russian assets in light of the new sanctions.
In July alone, the C/A stood at $7.5 bn .
The goods surplus increased to $46.0bn from $25.2bn a year ago and the services gap narrowed to $7.2bn from $7.6bn.
44 RUSSIA Country Report September 2018 www.intellinews.com