Russian balance of payments surplus shrinks nearly two-thirds to $15.9 bln in H1 - Central Bank
MOSCOW. July 11 (Interfax) - Russia had a balance of payments surplus of $15.9 billion for January-June 2016, down nearly two-thirds from $46.5 billion in the same period of last year, the Central Bank said in a preliminary estimate, posted on its website.
The current account formed under the influence of a substantial reduction in the total value of merchandise exports value amid low commodity prices with gradual recovery of imports and shrinking deficits in the balances on trade in services and investment income, the Central Bank said.
The Central Bank's preliminary estimate of the current account surplus in January-May 2016 was $17.8 billion (down from $43.9 billion in 5M 2015). In other words, the current account deficit in June amounted to $1.9 billion, based on the preliminary data.
The current account surplus in Q2 2016 was $3.4 billion, down from $12.6 billion in Q1 2016 and $16.54 billion in Q2 2015.
Russia's current account surplus was $69.0 billion in 2015 as a whole, compared with $57.5 billion in 2014.
Under the Central Bank's baseline forecast, the current account surplus might amount to $40 billion in 2016 assuming oil priced at $38 per barrel.