Balance of Payments: Results of 2020

Alexandra V. Bozhechkova – Head of Monetary Policy Department of the Gaidar Institute; Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Alexander Yu. Knobel – Head of Foreign Trade Department of the Gaidar Institute; Director of Center for Foreign Trade Department of the Russian Presidential Academy of National Economy and Public Administration; Director of the Institute for International Economics and Finance, Russian Foreign Trade Academy, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Pavel V. Trunin – Head of Center for Macroeconomics and Finance of the Gaidar Institute; Director of Center for Central Banks Studies of the Russian Presidential Academy of National Economy and Public Administration, Doctor of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In 2020, Russia’s export balance of trade plunged against 2019 on the back of decrease in exports value amid slight decline in imports. Current account balance remained positive in spite of a blend of most adverse factors. In 2020, net outflow of private capital doubled compared to 2019. Decrease of banks and other sectors foreign liabilities in the wake of geopolitical risks, falling interest of investors to emerging markets’ assets and growth in global uncertainty have played the key role. This led to ruble to dollar exchange rate to drop by 19.3% in 2020 hitting Rb73.9 to 1 USD.

Key words: balance of payments, export, import, current account transaction, ruble exchange rate, outflow/inflow of capital, Bank of Russia.