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5.2.2 Current account dynamics
In January-November 2020, the current account surplus of the balance of payments of the Russian Federation amounted to $29.1bn against $65.7bn in January-November 2019, according to preliminary estimates by the Bank of Russia.
The key role in the dynamics of the indicator was played by the contraction of the trade surplus against the background of an unfavourable international price environment and a decrease in the supply of the main Russian exports in physical terms, partially offset by a decrease in the negative balance of other components of the current account.
The balance of private sector financial transactions in January-November 2020 increased to $47.9bn from $27.0bn in the same period last year. The decisive factor was the reduction in liabilities to non-residents of both banks and other sectors, a year earlier the indicator was formed due to banks that increased their foreign assets and reduced external liabilities.
International reserves decreased by $10.9bn due to foreign exchange transactions carried out by the Bank of Russia within the framework of the budget rule, as well as the repayment of sovereign external debt.
76 RUSSIA Country Report January 2021 www.intellinews.com
