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Balance of Payments in Q1 2021
[Платежный Баланс В Первом Квартале 2021 Г]

Author

Listed:
  • Bozhechkova Alexandra

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

  • Trunin Pavel

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

Abstract

In Q1 2021, Russia’s trade surplus reduced by almost one third compared to Q1 2020 due to growth in the total value of imports. Net capital outflows from the private sector decreased compared to the same period last year. This was mainly due to the growth of foreign banking assets and other sectors of the economy amid strengthening geopolitical risks, as well as the rapid recovery of the US economy. The Bank of Russia started buying foreign currency under the budget rule resulting in an increase in reserve assets in Q1 2021. At the end of Q1 2021, despite the relatively high oil prices and the improvement in the global economy, the ruble depreciated against the US dollar by 2.5%, which, most likely, resulted from tightening of geopolitical risks.

Suggested Citation

  • Bozhechkova Alexandra & Trunin Pavel, 2021. "Balance of Payments in Q1 2021 [Платежный Баланс В Первом Квартале 2021 Г]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 5, pages 4-8, May.
    • Handle: RePEc:gai:recdev:r2149
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    File URL: http://www.iep.ru/files/RePEc/gai/recdev/r2149.pdf
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    References listed on IDEAS

    as
    1. Knobel Alexander & Firanchuk Alexander, 2016. "Russia in global exports: 2015–2016," Russian Economic Development, Gaidar Institute for Economic Policy, issue 9, pages 28-31, September.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Volovik Nadezhda & Izryadnova Olga, 2021. "Структура Экономического Роста: Внешний Спрос В Первом Квартале 2021 Г," Russian Economic Development (in Russian), Gaidar Institute for Economic Policy, issue 7, pages 4-9, July.
    2. Volovik Nadezhda & Izryadnova Olga, 2021. "Structure of Economic Growth: External Demand in Q1 2021 [Структура Экономического Роста: Внешний Спрос В Первом Квартале 2021 Г]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 7, pages 4-9, July.

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    1. Bozhechkova Alexandra & Trunin Pavel, 2021. "Платежный Баланс В Первом Квартале 2021 Г," Russian Economic Development (in Russian), Gaidar Institute for Economic Policy, issue 5, pages 4-8, May.

    More about this item

    Keywords

    balance of payments; export; import; current account transaction; 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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