Central Bank of Russia : Estimation of major aggregates of balance of payments

According to the Bank of Russia`s preliminary estimate current account balance of the Russian Federation in 2015 has strengthened compared to 2014 and amounted to 65.8 bln USD (58.4 bln USD in 2014). Reported year was characterized by trade balance compression as a result of which trade balance amounted to 145.6 bln USD (189.7 bln USD in 2014). This dynamic was formed under the influence of decreasing energy resource prices and significant contraction of internal demand for import. Increasing surplus of current account balance is a result of significant decrease in balance of services` and investment income`s negative contribution including decrease in external debt`s service payments based on total external debt reduction.

Net capital outflow by the private sector in 2015 is estimated to 56.9 bln USD (153.0 bln USD in 2014). Furthermore, contrary to previous years, main part of net capital outflow was a result of private external debt redemption. Most significant was decrease of the banking sector`s external liabilities which happened not only because of foreign assets sale but also because of funds accumulated on current account transactions. Other sectors facing severe external financing conditions were also forced to redeem foreign liabilities while practically not being able to build up foreign assets except for some direct investing.