Investor Contacts and Regular Meetings Schedule
Bank of Russia
RUSSIAN MACRO UPDATE
The Central Bank of the Russian Federation
MACROFINANCE
Russian economy has adapted to lower oil prices
Figure 5: Current account surplus amounted to 35.2 USD bn in 2017
120
100
72.2
80
60
40
20
0
17
17
Figure 6: Strong fiscal position: budget consolidation and fiscal rule
Russian Federal Budget Balance, % of GDP, Ihs
Urals, $/bbl, rhs
12
120
8
5.4
4.1
4
0.4
-0.2
-0.8
0
35.2
-4
-8
-12
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Figure 7: Significant international reserves assuring financial
stability
USD bn
-3.9
-6.0
-0.7
T
T
100
80
0.5
60
-1.3
-2.8
-3.9
40
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E
20
Figure 8: Public debt to GDP among the lowest in both EM and DM
(2016, %)
Reserves/GDP = 27.41%
Reserves
570
537.6
Reserves cover 10.9 months of import*
Import in Jan 2017 - Jan 2018
360
300
525
=254.1 USD bn
240
480
180
412.2
120
435
60
390
0
345
*As of March 26, 2018
300
Public Debt/ GDP
| External Debt/ GDP
Russia:
12.12 06.13 12.13 06.14 12.14 06.15 12.15 06.16 12.16 06.17
Source: Bank of Russia, International Monetary Fund, Thomson Reuters, Ministry of Finance
Public Debt/ GDP = 16%
External Debt/ GDP = 40%
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