The balance of payments of Russia is considered to be a document reflecting all operations with funds serving the country's foreign economic relations .
According to the principle of double-entry bookkeeping, all foreign economic operations are recorded. For example, money that comes to the country through exports comes with a plus sign, that is, in the form of income, and money that leaves the country, for example, payment for imports, is written with a minus sign in the balance of payments of Russia, that is as an expense.
The balance of payments is the result that is obtained as a result of foreign economic operations, the difference between the income and expenses received. It can be negative and positive. If the balance is negative, then the state will have a balance of payments deficit. This country, in other words, spends more money abroad than it receives from outside, and as a result, “beyond its means” lives in the foreign economic field. This may adversely affect the stability of the exchange rate of its national currency.
The balance of payments of Russia has three major sections: the balance (or account) of current operations, the balance (or account) of capital transactions, the calculation of official international reserves.
The process of exchanging services and goods and one-way one-time payments are reflected in the current account balance. The trade balance of the country is called the part containing imports and exports. As a result, it turns out that the concept of "balance of payments" is broader than "trade balance". Trade and balance of payments is an important document of the state. The balance is considered active, or positive, when exports exceed imports. Passive, or negative if imports exceed exports. Trade in services (inheritance transfer, communication line services, money transfers abroad to relatives, maintenance of military bases abroad, tourism, etc.) is reflected in section I of the balance of payments. The section “Current account balances” shows the total result of one-time payments, exchange of services and trade balance.
The sale and purchase of foreign assets, the receipt and provision of short-term and long-term loans and borrowings is reflected in the balance of capital flows. Funds that other states provide to foreign enterprises or other states are considered as capital outflows, and loans received from other states are taken into account as an inflow.
Transactions that are not related to commercial activities are identified in the third section. They balance the balance of payments, for example, due to the fact that its deficit will decrease.
To do this, use the deferral of previously obtained loans and interest for its use, attracting new loans, selling gold. These operations contribute to the improvement of the balance of payments, as a result of which they were allocated in a special section.
The balance of payments of Russia is the main statistical document that reflects the foreign economic operations of the state. This has important consequences for the country's economy. Sudden changes in the current account balance in one direction or another are undesirable. Because if the balance increases sharply, this will lead to a rapid increase in the money supply. This stimulates inflation, and a sharp drop in the exchange rate can rapidly increase the negative balance. This leads to disorder in the country's foreign economic operations. For this reason, the state actively regulates the balance of payments. Uses direct control, exchange rate fluctuations, operations by official international reserves.
The country's trade balance is compiled on the basis of customs statistics, which takes into account the volumes of goods that actually cross the border. The balance of payments takes into account receipts and payments in the course of foreign trade, in time they may not coincide with the movement of goods.