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Balance of Payments in Q3 2023
[Платежный Баланс В Третьем Квартале 2023 Г]

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; Russian Foreign Trade Academy)

  • Pavel V. Trunin

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

Abstract

At the end of Q3 2023, the current account surplus fell 3 times compared to Q3 2022 against the backdrop of both a decrease in the value of exports and an increase in the value of imports. The financial account deficit was formed in the wake of the outstripping increase in foreign assets (including reserve assets) compared to the growth of foreign liabilities. These trends resulted in the weakening of the ruble. This being said, the ruble was supported by the tightening of monetary policy, as well as the suspension of foreign exchange purchases by the Bank of Russia within the framework of mirroring regular operations of the Finance Ministry of the Russian Federation.

Suggested Citation

  • Alexandra V. Bozhechkova & Alexander Yu. Knobel & Pavel V. Trunin, 2023. "Balance of Payments in Q3 2023 [Платежный Баланс В Третьем Квартале 2023 Г]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 11, pages 4-7, November.
    • Handle: RePEc:gai:recdev:r2386
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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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