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expansion of the surplus of foreign trade in goods amid a decrease in the aggregate negative balance of other components current account.
In 2018, the net outflow of private sector capital from Russia increased by 2.7 times compared with the previous year and amounted to $67.5bn. The regulator expects that by the end of 2019 this figure will be $35bn.
That contrasts with a recent estimate from the Institute of International Finance (IIF) which estimated the net outflow of private capita from Russia in 2019 at $55bn.
5.2.4 Gross international reserves
Russia’s gross international reserves (GIR) topped $490bn as of April 19, according to the Central Bank of Russia (CBR), its highest level in since March 2014. The CBR has been able to build up reserves thanks to the record high current account surplus that topped $115bn in 2018. The rise of oil prices,
47 RUSSIA Country Report May 2019 www.intellinews.com
