Russia’s current account surplus has increased sharply, propping up the national currency as energy exports recovered despite pressure from Western sanctions, the country’s central bank reported on Tuesday.
The current account, which measures the difference between money coming into the country through trade, investment and transfers against outflowing funds, amounted to $53.8 billion for the first ten months of the year, the regulator’s data showed.
The surplus exceeded $11 billion in October for the second consecutive month after reaching its highest level this year in September. The central bank revised upwards its current account projection for the full year from $45 billion to $60 billion on the back of soaring oil prices.
Moscow’s proceeds from oil and gas sales surged to their highest level in one-and-a-half years, reaching $17.7 billion last month despite forecasts of a vast deficit.
Poster Comment:
US deficit will be between $3 trillion and $4 trillion !