Russia’s balance of payments surplus continues to support the ruble
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The surplus of the current account of the balance of payments in January-July, according to preliminary estimates of the Bank of Russia, jumped to $166.6 billion from $50.2 billion in the same period last year. The increase in the indicator in January-July by more than 3 times was determined by “the expansion of the positive balance of the total balance of goods and services as a result of a significant increase in the value of exports of goods and a decrease in the cost of goods imports,” the Central Bank said in the comments to the publication.
The Bank of Russia publishes cumulative data. Compared to the current account surplus in January-June (estimated at $138.5 billion), in July the figure was $28.1 billion, which remains close to record levels. Last month it was $28.2 billion.
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