Guidelines for the Development of the Russian Financial Market slide image

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 Arabia
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