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
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: Suggested Citation