Account oftransactions with capital and financial instruments
Account oftransactions with capital
Foreign currencies incash
Current accounts anddeposits
Trade creditsand advances
Credits andloans granted
Change ofindebtedness for not timely received export hard currency and Rubleincome
Change ofindebtedness for not timely redeemed import advances
National currency in cash
Currentaccounts and deposits
Trade credits and advances
Mobilized credits and loans
Amendments toreserve assets
Amendment forsettlements with CIS/outside CIS countries
Net errors andomissions
The payment balance of Russia stayed stable,reflecting the tendencies formed in the foreign economic sphereevolution.
The dynamics of the export-importtransactions and the excess of the export over import of goods favored thepreservation of the positive balance for the current transactions account; itamounted to US$ 10.2 bn against the US$ 8.6 bn in January to September1995.
The negative balance of the services wasUS$ 3.7 bn, having shown a 2‑fold drop. The export of services reduced by 1%; the import reducedby 24%. The services to the foreigners, relative to the tourist, private, andbusiness trips grew by 11%, due to the growth of the non-residents inflow. Inthe third quarter of 1996, the federal Borderguards registered a marked growthof the Chinese “shuttles” inflow to Russia.
As for the services import, 56% were paidfor the stay of Russian citizens abroad. However, the number of the Russiancitizens exiting Russia was almost 2‑fold lower than for the relevantperiod of 1995, mainly due to the reduction of the trips to the CIS countriesrecorded by the Federal Borderguards. As a result, the reduction of theservices import for the “Trips” item was 29%. The construction services importreduced by 20% due to the completion of most of the construction of themilitary settlements financed by Germany.
The negative balance of the incomes frominvestments and labor payment was US$ 3.4 bn; the labor payment for thenon-residents exceeded the relevant incomes of the Russian citizens abroad byUS$ 0.5 bn, while the payments of Russia for the use of the mobilized foreigninvestments exceeded the payments from abroad by US$ 2.9 bn.
The labor payment of the non-residents, bothofficially registered, and temporarily employed in the Russian economy wasUS$ 0.6 bn for January to September 1996. However, lots of the CIS residentsare employed by the informal sector of the Russian economy. According to theexperts of the Governmental Migration Service, it exceeds more than2‑fold the number ofthe officially mobilized employees. However, as of today, it seems impossibleto estimate the incomes received by this category of employees.
The diagram of the investment incomes forthe considered period envisioned the reception by Russia of US$ 3.7 bn, whilethe diagram of payments showed the level of US$ 6.6 bn. The main monies went tothe servicing of the both received and granted governmentalcredits.
As for the current transfers, the negativebalance of US$ 0.1 bn formed due to the reduction by 60% of the humanitarianaid from abroad. Within the period under consideration it amounted toUS$ 173 mn. The volume of the humanitarian and technical aid formallyregistered by the Russian State Customs Committee was much greater. However,the fact should be noted that, in order to avoid the custom duties, thetobaccos and alcohols were imported in Russia as humanitarian aid. In April toSeptember 1996, the supplies of such goods amounted to 50% of the aidgranted.
The second item for the account oftransactions with capital is formed by the “transfers relative to the migrationof the population”, reflecting the aggregate cost estimate of the flows of theproperty, financial assets and liabilities accompanying the migration to andout of Russia. The migrations between Russian and the CIS countries was themost important. The number of the persons having come to Russia in the firstnine months of 1996 exceeds 2‑fold the number of the persons having left Russia, while the costestimate of the resources exported from Russia by the migrants (overUS$ 2.1 bn) exceeds the relevant cost estimate for the assets received byRussia (US$ 1.1 bn).
In whole, the negative balance for theaccount of transactions with capital amounts to US$ 0.7 bn; this means therelevant reduction of the Russian national wealth.
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