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Russia’s Balance of Payments in Q3 2018

Alexandra Bozhechkova – Head of Monetary Policy Department of the Gaidar Institute; Senior Research fellow of the Center for the Study of Central Banks, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Pavel Trunin – Head of Center for Macroeconomics and Finance of the Gaidar Institute; Leading Research fellow of the Center for the Study of Central Banks, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In Q3 2018, Russia’s trade surplus reached record values due to export growth due to the increase in oil prices and as a result of the decline in imports caused by the weakening of the ruble. Balance of payments data say about the reduction of investments in the Russian economy. The ruble remains fundamentally undervalued, but may continue to decrease with increased risk of new anti-Russian sanctions.

Key words: balance of payments, current account, trade surplus, capital outflow, capital inflow and exchange rate, Bank of Russia.