MOSCOW, October 9 – Novosti. The excess trade surplus in Russia should be used abroad, experts interviewed by Novosti believe, while their opinions differed on the best targeted use of these funds – some of the analysts are most attracted to foreign investment, some – to stimulate the import of critical components and equipment.
According to the Bank of Russia, the current account surplus in Russia in January-August 2022 reached $183.1 billion, which is three times higher than the result for the same period last year ($60.9 billion).
The consequences of “such a skew” in the current account balance have been observed for several months, and they are most clearly reflected in the national currency rate, points out Tatyana Belyanchikova, Associate Professor of the Department of World Financial Markets and Fintech at the Plekhanov Russian University of Economics. “Foreign currency surplus needs to be placed abroad, otherwise it does not work: either foreign investment or foreign exchange reserves,” she said.
Foreign investment, for example, in the deployment of assembly plants for Russian export products, may be one of the possible options for using excess foreign exchange, agrees Anton Sviridenko, executive director of the Stolypin Institute for the Economics of Growth. However, he does not consider this the best way to deal with excess surpluses.
“The best option would be to encourage foreign purchases of critical components and equipment needed for various sectors of the Russian economy. Indeed, the use of the currency is difficult, but some transactions are taking place,” Sviridenko said.
According to him, in the conditions that have been created in Russia, it is better to look for ways to use the currency for the purposes of internal development, since the flow of these funds abroad will not give an effect for development. “Although there are options when foreign currency transactions are aimed precisely at increasing Russia’s economic potential,” the expert noted.
