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| Russia set for $75 billion surplus – Bloomberg | Russia set for $75 billion surplus – Bloomberg |
| (about 1 hour later) | |
| Recovering oil exports have boosted cash inflows, data shows | Recovering oil exports have boosted cash inflows, data shows |
| Russia’s current account surplus has increased sharply, propping up the national currency as energy exports recovered despite pressure from Western sanctions, the country’s central bank reported on Tuesday. | Russia’s current account surplus has increased sharply, propping up the national currency as energy exports recovered despite pressure from Western sanctions, the country’s central bank reported on Tuesday. |
| The current account, which measures the difference between money coming into the country through trade, investment and transfers against outflowing funds, amounted to $53.8 billion for the first ten months of the year, the regulator’s data showed. | The current account, which measures the difference between money coming into the country through trade, investment and transfers against outflowing funds, amounted to $53.8 billion for the first ten months of the year, the regulator’s data showed. |
| The October surplus exceeded $11 billion for the second consecutive month after reaching its highest level this year in September. The central bank revised its current account projection for the full year up from $45 billion to $60 billion on the back of soaring oil prices. | |
| Moscow’s proceeds from oil and gas sales surged to their highest level in one-and-a-half years, reaching $17.7 billion last month despite forecasts of a vast deficit. | Moscow’s proceeds from oil and gas sales surged to their highest level in one-and-a-half years, reaching $17.7 billion last month despite forecasts of a vast deficit. |
| “Fresh data shows Russia continues to benefit from high commodity export revenue. We expect Russia will post another $20 billion of current account surplus in the remaining two months of 2023, bringing the overall external balance to around $75 billion,” Bloomberg’s Russia economist Alex Isakov predicted. | “Fresh data shows Russia continues to benefit from high commodity export revenue. We expect Russia will post another $20 billion of current account surplus in the remaining two months of 2023, bringing the overall external balance to around $75 billion,” Bloomberg’s Russia economist Alex Isakov predicted. |
| “Growing export revenue helped stop the ruble rout, but in the coming months Russia’s currency may be tested as the government rebuilds its FX [foreign exchange] reserves beginning in January,” he added. | “Growing export revenue helped stop the ruble rout, but in the coming months Russia’s currency may be tested as the government rebuilds its FX [foreign exchange] reserves beginning in January,” he added. |
| This comes after Moscow rerouted the bulk of its trade flows eastwards after Western sanctions largely disrupted supply chains in European markets. | This comes after Moscow rerouted the bulk of its trade flows eastwards after Western sanctions largely disrupted supply chains in European markets. |
| Russian authorities reimposed some capital controls requiring exporters, including major oil producers, to sell their earnings from foreign trade on the domestic market in order to secure foreign currency inflows. | Russian authorities reimposed some capital controls requiring exporters, including major oil producers, to sell their earnings from foreign trade on the domestic market in order to secure foreign currency inflows. |
| The measure helped provide support to the ruble, which gained around 5% against the US dollar in October. The currency continued to strengthen this week to below 89 against the greenback for the first time since late July. | The measure helped provide support to the ruble, which gained around 5% against the US dollar in October. The currency continued to strengthen this week to below 89 against the greenback for the first time since late July. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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