Abstract
In Q2 2021, the current account balance amounted to $19.9 bn, vs $1.6 bn in Q2 of last year. Russia’s trade balance demonstrated a significant increase relative to Q2 2020. Net capital outflow from the private sector declined on the same period of last year, while the global economy was recovering, and the Bank of Russia was tightening its monetary policy. The regulator continued its foreign currency purchases within the framework of the fiscal rule, which produced an increase in reserve assets by $8.3 bn in Q2 2021. International reserves increased to $591.7 bn. According to the period-end results of Q2 2021, the ruble exchange rate against the US dollar gained 4.4%, rising to Rb72.4.
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