Foreign Currency and Russian Ruble: What Does the Balance of Payments Tell Us?

Russian Economic Developments. Moscow, 2016, No. 5, pp. 9-12

4 Pages Posted: 19 May 2016

See all articles by Alexandra Bozhechkova

Alexandra Bozhechkova

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

Pavel Trunin

Gaidar Institute for Economic Policy

Date Written: May 19, 2016

Abstract

The BOP (Balance of Payments) statistics for Q1 2016 show considerable shrinkage of the current account surplus due to a decline in exports while imports saw their decline rate slow down. At the same time, the private sector saw capital outflow decrease strongly. As a result, even though the trade balance dropped, the rouble did not depreciate. Moreover, the rouble exchange rate rebounded to levels seen in the fall of 2015 as crude prices went up.

Keywords: Russian economy, foreign currency, exchange rate balance of payments

JEL Classification: P24, E52

Suggested Citation

Bozhechkova, Alexandra and Trunin, Pavel, Foreign Currency and Russian Ruble: What Does the Balance of Payments Tell Us? (May 19, 2016). Russian Economic Developments. Moscow, 2016, No. 5, pp. 9-12, Available at SSRN: https://ssrn.com/abstract=2781870 or http://dx.doi.org/10.2139/ssrn.2781870

Alexandra Bozhechkova (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny pereylok 3-5
Moscow, 125993
Russia

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Institute of Applied Economic Research ( email )

Russia

Pavel Trunin

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

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