The surplus of the current account of Russia’s balance of payments in January-May amounted to $ 35.8 billion, the Central Bank said. The indicator increased by 25.2% compared to the same period in 2020.
“The growth of the trade balance surplus was due to a more active recovery in the volume of exports of goods compared to imports,” the Central Bank said in a statement. The Bank of Russia notes that “a significant role in strengthening the current account” was played by the fact that due to coronavirus restrictions on international tourist travel, the negative balance of services decreased.
The positive balance of financial transactions in the private sector amounted to $ 24.6 billion. It “formed at a lower level than a year earlier.” The Central Bank notes that the contribution of the banking sector to the dynamics of this indicator was small, in contrast to the trends of previous years. “Determining were the operations of other sectors, aimed at both reducing liabilities to non-residents, and increasing investments in financial assets abroad,” the Central Bank notes.
In January-April, the current account surplus of the balance of payments reached last year’s figure of $ 28.1 billion. The main reason for the jump in the indicator is the rise in oil prices and restrictions on foreign travel.
More details about the reasons for the growth of the indicator – in the material “b” “The balance of payments does not guarantee the strength of the ruble.”