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Alexandra V. Bozhechkova – Head of Monetary Policy Department of the Gaidar Institute for Economic Policy; 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 for Economic Policy; 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 for Economic Policy; Director of Center for Сentral 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 Q3 2021, the current account surplus of the RF balance of payments picked up considerably as compared to the same period of the previous year. It happened primarily owing to the appreciation of prices for primary products and increased export volumes thereof. At the same time, there was substantial growth both in the private sector’s net capital outflow and foreign exchange purchasing within the framework of the fiscal rule. With special drawing rights (SDR) granted to Russia within the framework of the IMF’s decision on a new allocation of SDR among its member countries, Russia’s international reserves increased.

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

JEL-codes: E58, E44, F32, F21, F31.