Gold in the blue eye // The state of the balance of payments of the Russian Federation in July is suspiciously brilliant


The Bank of Russia’s assessment of the balance of payments of the Russian Federation for July 2022, contrary to expectations, is stronger than the June figures: the foreign trade surplus of the Russian Federation for this month amounted to $33.9 billion. Analysts are already distrustful of them – a huge surplus should have been caused either by an increase in oil shipments , whose prices have been stable or falling, or a new decline in imports in July after the June stabilization, which was not explicitly reported, or invisible corrections in the figures of previous months. If there are no radical changes in the structure of the trade balance, the full details of which are closed, then the July records of foreign currency receipts in the Russian Federation do not have a great chance of repeating. .

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