Ukraine’s unexpected ally: Foreign currency piling up in Russia
The steady devaluation of the Russian rouble is not just about saving the Russian budget: They have serious problems with their balance of payments.
Yurii Haidai
senior economist, Centre for Economic Strategy, Ukraine
Revenues from selling resources are falling; the balance of services has long been in the red; and capital outflows continue.
In April, the Russian central bank lowered its forecast for the annual balance of payments surplus from USD 66 billion to USD 47 billion; it was USD 227 billion last year. And even Russian analysts already say the forecast is too optimistic.
In May, there was already a de facto budget deficit.
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