According to the second estimate by the Central Bank of Russia (CBR), current account surplus in 2012 amounted to USD 74.8bn (vs. first estimate of USD 81.2bn), going down by 24% y/y. CA surplus in Q4/12 alone amounted to USD 12.8bn, dropping by 55% y/y. To remind, in Q1/12, Q2/12 and Q3/12 CA surplus stood at USD 39.2bn, USD 16.5bn and USD 6.3bn. In 2012 trade surplus of goods went down by 1.4% y/y to USD 195.4bn, while deficit of services expanded by 25% y/y to USD 44.8bn. Investment income posted a deficit of USD 53.3bn, up by 5.2% y/y. Deficit of the financial account in 2012 posted USD 35.8bn, declining by 53% y/y. Growth of reserve assets in 2012 stood at USD 30bn vs. USD 12.6bn in 2011. To remind, in 2011 CA surplus made USD 99bn vs. USD 71.1bn in 2010, USD 48.6bn posted in 2009 and USD 103.5bn in 2008.
Turkish President Recep Tayyip Erdogan has warned the Iraqi Kurds that it is in their interests to call off their planned September 25 independence referendum because it “may lead to a process that ... more
Russia’s Rosneft is exploring the possibility of building a 30bn cubic metre (bcm) pipeline that would from 2020 deliver natural gas supplies from the Iraqi Kurdistan region to Turkey and ... more
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