Page 79 - RusRPTJul24

Balance on services
-7.6
-8.9
-10.3
-8.4
-7.3
Balance on primary and secondary income
-7.3
-9.6
-7.6
-11.7
-3.9
Balance on financial account
13
4.7
12.1
11.7
23.8
Balance on financial account, excluding reserve assets
18.2
6.1
14.3
12.9
30.7
Net acquisition of financial assets, excluding reserve assets
6.4
10.9
22.5
3.1
23.7
Net incurrence of liabilities
-11.7
4.7
8.2
-9.8
-7
Reserve assets
-5.1
-1.4
-2.3
-1.2
-6.9
source: CBR
5.2 Balance of payments, current account 5.2.1 Import/export dynamics
The President of Russia called for reducing the level of imports to 17% of GDP by 2030. For a high rate of economic growth in the long term, Russia must strengthen its financial, technological and personnel sovereignty. This was stated by Russian President Vladimir Putin during a plenary session at the St. Petersburg International Economic Forum ( SPIEF ).
● Partners & regions
In May, the Russian ruble was supported by high foreign currency sales of exporters, according to the Bank of Russia’s review of financial market risks. Thus, net sales of 29 companies from among the largest Russian exporters in May 2024 increased by 13% month-on-month and amounted to $14.9bn. Average daily net sales also increased by 18% to $743mn. The dynamics of the national currency exchange rate was favorably influenced by the maintenance of a tight monetary policy and a decrease in the demand for foreign currency by importers. At the end of May, the ruble strengthened by 3.2% to $90.1 per ruble.
Russia’s agricultural exports to BRICS countries are anticipated to increase by approximately 6% in 2024, surpassing $16bn, Agriculture
79 RUSSIA Country Report July 2024 www.intellinews.com