Page 54 - RusRPTMar19

than in the same period of 2018.
The key factor in the fall was a decrease in exports of goods amid a reduction in the aggregate negative balance of other components current account balance of payments.
The regulator notes that the current account surplus of the balance of payments caused a slowdown in net lending to the rest of the world by the Russian private sector at the beginning of the year compared to the last quarter of 2018 of $36.5bn.
At the same time the CBR has started purchasing foreign exchange in the open market again this January on behalf of the Ministry of Finance within the framework of the fiscal rule after a four-month break so reserves increased by $1.9bn.
Last year, the net outflow of private sector capital from Russia increased by 2.7 times compared to the previous year and reached a total of $67.5bn.
According to the baseline scenario with an average oil price of $55 per barrel the regulator the net private capital outflow from Russia is expected to be $20bn in 2019.
54 RUSSIA Country Report March 2019 www.intellinews.com