Guidelines for the Development of the Russian Financial Market
Bank of Russia
RUSSIAN MACRO UPDATE
The Central Bank of the Russian Federation
17
17
MACROFINANCE
Russian economy has adapted to lower oil prices
Figure 5: Current account surplus amounted to 35.2 USD bn in 2017
120
Figure 6: Strong fiscal position: budget consolidation and fiscal rule
100
72.2
80
60
Russian Federal Budget Balance, % of GDP, Ihs
Urals, $/bbl, rhs
12
120
8
5.4
4.1
4
0.4
-0.2
-0.8
40
0
35.2
-4
20
-8
0
-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%
Saudi ArabiaView entire presentation