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Current Account Balance Rose in Q1 2022 amid Record Capital Outflow
[Сальдо Счета Текущих Операций В Первом Квартале 2022 Г. Выросло В Условиях Рекордного Оттока Капитала]

Author

Listed:
  • Alexandra V. Bozhechkova

    (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration)

  • Alexander Yu. Knobel

    (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration)

  • Pavel V. Trunin

    (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration)

Abstract

At the end of Q1 2022, the positive balance of trade in goods and services increased by more than 2.5-fold on the back of high commodity prices and ongoing significant export deliveries. Due to the geopolitical crisis and the imposition of sanctions, the private sector’s net capital outflow for Q1 2022 reached the highest level since Q4 2014. The freezing of international reserves forced the Bank of Russia to impose tight restrictions on capital movement, which made it possible to stabilize the ruble exchange rate.

Suggested Citation

  • Alexandra V. Bozhechkova & Alexander Yu. Knobel & Pavel V. Trunin, 2022. "Current Account Balance Rose in Q1 2022 amid Record Capital Outflow [Сальдо Счета Текущих Операций В Первом Квартале 2022 Г. Выросло В Условиях Рекордного Оттока Капитала]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 5, pages 9-12, May.
    • Handle: RePEc:gai:recdev:r2240
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    More about this item

    Keywords

    balance of payment; exports; imports; current account; ruble exchange rate; outflow/inflow of capital; Bank of Russia;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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