Page 43 - RusRPTDec18

5.2.2 Current account dynamics
The surplus of the current account balance of payments in Russia in January-October 2018 increased four-fold to $87.9bn compared to the same period in 2017, the Central Bank said on November 13.
The decisive role was played by the unexpectedly high prices coupled with an unexpected slow down in imports. The positive balance of foreign trade in goods over 10 months of 2018 increased by 1.7 times to $154.6bn. The Central Bank notes that the negative contribution of other components of the current account decreased.
The current account surplus allowed for the accumulation of international reserves, which in January-October increased by $35.7bn, mainly due to the acquisition of foreign currency under the budget rule, which forces the government to sterilise all tax revenues earned from above $40 a barrel of oil.
The balance of financial operations of the private sector with non- residents in January-October 2018 increased by 3 times to $42.2bn compared to the same period in 2017 ($14.0bn), the Central Bank reported. The operations of banks in the repayment of external liabilities and other sectors in the acquisition of financial assets abroad made a roughly equal contribution to this indicator.
43 RUSSIA Country Report December 2018 www.intellinews.com