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Current Account Balance Rose in Q1 2022 Amid Record Capital Outflow

Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development. Moscow. IEP. 2022, No. 6, pp. 12-14

3 Pages Posted: 21 Mar 2023

See all articles by Alexandra Bozhechkova

Alexandra Bozhechkova

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

Alexander Knobel

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

Pavel Trunin

Gaidar Institute for Economic Policy

Date Written: June 1, 2022

Abstract

The positive balance of trade in goods and services surged by more than 2.5-fold in Q1 2022 against the backdrop 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 in Q1 2022 hit the highest level since Q4 2014. The freezing of international reserves forced the Bank of Russia to impose tough restrictions on capital movement, which made it possible to stabilize the ruble exchange rate.

Keywords: Balance of payments, capital outflow, Russian economy

JEL Classification: E5, E51, E52

Suggested Citation

Bozhechkova, Alexandra and Knobel, Alexander and Trunin, Pavel, Current Account Balance Rose in Q1 2022 Amid Record Capital Outflow (June 1, 2022). Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development. Moscow. IEP. 2022, No. 6, pp. 12-14, Available at SSRN: https://ssrn.com/abstract=4125665 or http://dx.doi.org/10.2139/ssrn.4125665

Alexandra Bozhechkova

Gaidar Institute for Economic Policy ( email )

Gazetny pereylok 3-5
Moscow, 125993
Russia

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Applied Economic Research ( email )

Russia

Alexander Knobel

Gaidar Institute for Economic Policy ( email )

3-5 Gazetny Lane
Moscow, 125009
Russia

Russian Presidential Academy and Public Administration (RANEPA) - Institute of Applied Economic Studies ( email )

Vernadsky Ave. 82
Moscow, 119571
Russia

Pavel Trunin (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

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