Preliminary data for Russian balance-of-payments for 1Q 2015 shows current account surplus slipping to USD24 billion down to just over 3% of GDP over the 12 months through 1Q 2015.
Exports fell 30% y/y in USD terms, on foot of c. 50% drop in Urals grade oil prices. Value of non-oil goods exports was down 13% and the value of goods imports was down 36% in USD terms.
Effective real exchange rate for the ruble was down about 25% y/y in 1Q 2015.
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