Financial Sector Overview

Bank of Russia RUSSIAN MACRO UPDATE The Central Bank of the Russian Federation MACROFINANCE Solid fiscal and external positions 15 Figure 5: Current account surplus amounted to USD 114 bn in 2018 Figure 6: Strong fiscal position: budget consolidation and fiscal rule I Russian Federal Budget Balance, % of GDP, Ihs Urals, $/bbl, rhs 120 114 12 120 100 8 80 72 60 40 20 ilalı 5.4 4.1 4 100 2.7 80 0.4 -0.7 0 -0.2 -0.8 60 -1.3 -4 -8 -3.9 -6.0 -2.8 -3.9 40 0 -12 20 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Figure 7: Significant international reserves assuring financial stability Figure 8: Sovereign debt to GDP lowest in both EM and DM spaces Developed countries Emerging countries External debt, $bn Reserves, $bn 120% 800 691.7 700 600 500 527.7 400 300 200 External debt/GDP 2018 = 28.6% Reserves/GDP 2018 = 30.5% Reserves cover 16 months of import Import in 2018 = USD 344 bn Russia 109% 98% 100% 495.2 80% 60% 51% 468.8 38% 40% 20% 14% 8% 02.13 05.13 08.13 11.13 02.14 05.14 08.14 11.14 02.15 05.15 08.15 11.15 02.16 05.16 08.16 11.16 02.17 05.17 08.17 11.17 02.18 05.18 08.18 11 18 11.18 02.19 05.19 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Bank of Russia, Bloomberg, Ministry of Finance

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