Page 59 - RusRPTDec21

5.2.2 Current account dynamics
Russia's current account surplus reaches $94.4bn in 10m21.
The CBR has published preliminary balance of payments estimates for October, according to which the current account surplus reached $94.4bn in 10m21 and $12.2bn in October.
While the detailed breakdown is not yet available, a strong trade surplus ($142.1bn in 10m21 and almost $18bn in October) was the main driver, thanks to higher global commodity prices.
Capital outflow from the private sector totaled $65.7bn over 10m21 (it totaled $58bn in 9m21), as companies and banks increased their holdings of foreign assets. Foreign reserves increased by almost $13.4bn over the month and were up by $56.3bn since the beginning of the year.
Taking into account the still positive global environment, it is likely that the current account surplus will remain strong through the end of the year, though it is unlikely to be as strong as in August, when it peaked on the back of a one-off increase in metals exports. We expect a current account surplus of $110bn for the full year.
59 RUSSIA Country Report December 2021 www.intellinews.com