Russia’s external balances widen in July

RUSSIA ECONOMICS - In Brief 10 Aug 2022 by Alexander Kudrin
The Central Bank released its flash estimate of the current account surplus along with the combined balance of goods and services in 7M22. The former reached $166.6 bn while the latter widened to $192.4 bn, i.e., to levels which one couldn’t imagine several months ago. Moreover, it appears that in July alone, both surpluses widened compared to the average monthly numbers reported either for 2Q22 or 1H22. In 1H22, the current account and goods and services balance reached $138.5 bn and $158.4 bn accordingly, implying that in July, they widened to over $28bn and $34bn (compared to the average monthly $23bn and $27bn seen earlier this year). This issue deserves additional comments, and in a couple of days, we plan to publish a more detailed report on the possible implications of such developments. Evgeny Gavrilenkov Alexander Kudrin

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