Russian Financial Sector Update
Bank of Russia
RUSSIAN MACRO UPDATE
The Central Bank of the Russian Federation
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FINANCIAL STABILITY: FOREIGN CURRENCY LIQUIDITY
In Q2/2018 the high current account surplus supported FX market stability
Figure 10: Spreads between FX swaps implied interest rates and
interbank interest rates in internal and external markets have not
widened (1 month, bps)
Figure 11: In January-June 2018 the current account surplus
amounted to USD 53.2 bn (est.) thanks to favourable international
prices for major Russia's export goods
100
50
0
-50
-100
-150
-200
-250
-300
01.12
15.12
29.12
12.01
JPY
EUR
RUB
26.01
09.02
23.02
09.03
23.03
06.04
20.04
04.05
18.05
01.06
15.06
Source: Bank of Russia
60
60
50
40
40
30
20
20
10
22
30.8
2017 2018
23.9
53.2
0
Q1
Q2
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