Page 61 - RusRPTJul20

A key factor in the reduction of the indicator was a significant decrease in the positive balance of foreign trade in goods as a result of the global slowdown.
The reduction in imports of services due to continuing restrictions associated with the pandemic, as well as a significant negative dynamics in the payment of investment income in favour of non-residents, led to a compression of the total deficit of other components of the current account by more than half of its value a year earlier.
Net lending to the rest of the world by the private sector in January-May 2020 amounted to $33.5bn ($28.2bn in January-May 2019) and was the result of a more noticeable decrease in external liabilities compared to the same period last year. Banks while maintaining at a comparable level the volume of operations of other sectors for the placement of funds abroad.
International reserves decreased by $2.5bn, mainly due to operations related to servicing the country's external debt.
Russia key trade results $bn
Indicators January - May 2020 January - May 2019 (estimate)
Current account 28.9 43.8
Trade balance 43.2 74.1
Private Sector Financial Balance 33.5 28,2
Change in reserve assets * -2.5 28.0
source: CBR
5.2.4​ Gross international reserves
The volume of international reserves as of June 19 amounted to $567.8bn,​ decreasing by $3.0bn, or 0.5%, mainly due to negative revaluation, as well as the sale of foreign currency in the domestic foreign exchange market.
Remarkably Russia gross international reserves (GIR) have managed to continue to increase throughout these crisis months and are up from $$562bn at the start of this year. The CBR has reportedly spent a mere $6bn on defending the currency in the worst months of March and April.
61​ RUSSIA Country Report​ July 2020 ​ ​www.intellinews.com