Russian Financial Sector Update

Bank of Russia RUSSIAN MACRO UPDATE The Central Bank of the Russian Federation MACROFINANCE Russian economy has adapted to lower oil prices 17 17 Figure 5: Current account surplus amounted to USD 35.2 bn in 2017 Figure 6: Strong fiscal position: budget consolidation and fiscal rule 120 Russian Federal Budget Balance, % of GDP, Ihs Urals, $/bbl, rhs 12 120 100 72.2 80 60 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 600 537.6 550 500 450 400 350 300 Reserves -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 = 27.4% Reserves cover 10.9 months of import* Import in May 2017 - May 2018 360 300 = USD 363.9 bn 240 456.7 180 120 60 0 * As of August 1, 2018 Public Debt/ GDP External Debt/ GDP Russia: 01.13 07.13 01.14 07.14 01.15 07.15 01.16 07.16 01.17 07.17 01.18 07.18 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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