As a result, every third dollar in Russia’s trade balance for October turned out to be “fake”
Billions of dollars in raw materials revenue, which, according to the Russian Central Bank, received by the Russian economy turned out to be a statistical error. The news agency reports this Bloomberg.
Of the $37.2 billion in export receipts that the central bank reported in its balance of payments data for October, $4.2 billion, or more than 10%, did not exist in reality, the regulator admitted.
From exports, which half consists of the export of oil and petroleum products abroad, according to the revised estimate of the Central Bank, the economy earned $33 billion. Another $1.3 billion “disappeared” from the data on income from foreign assets.
As a result, every third dollar in Russia’s trade balance for October turned out to be “fake”: instead of $14.3 billion, its surplus is now estimated at $9.4 billion. More than half of the currency has disappeared from the balance of payments, which takes into account all transactions, not just trade: its surplus in October, instead of the initial $11.2 billion, after the revision, shrank to $4.9 billion.
The Central Bank data looks strange, notes Egor Susin, Managing Director of GPB Private Banking: “The main trading partner China has not demonstrated anything similar.”
The Central Bank does not directly explain where the currency disappeared, although it admits that money for exports hangs up abroad. Russian companies have growing “accounts receivable, including for unfinished foreign trade settlements,” he writes.
We can talk about India: it paid for oil in rupees, which turned out to be impossible to withdraw from the country. According to Reuters, $40 billion is stuck – an amount that is equal to oil and gas budget revenues for five months.
Earlier, storms in the Black Sea reduced oil exports from Russia to a three-month minimum, journalists from the news agency noted.
Author: Mark Voroshilov
2023-12-14 11:56:39
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