Abstract
The Russian current account balance rose in Q2 2018 year-on-year on the back of, among other things, rising positive balance of trade. Non-residents reduced their holdings of OFZ bonds over downbeat geopolitical expectations. Some extra growth in the current account balance can be expected in the second half this year, and the Russian rouble may appreciate late in the year, barring risks such as geopolitical exacerbation or plummeting energy prices.
Published Version
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