Soviet balance of payments pressures 1985–91 and their impact on the economy

The first official estimates of the Soviet balance of payments produced with the co-operation of the Soviet authorities were published in the IMF study (IMF et al. 1991, vol. 1) for the period from 1985-89. These data were disaggregated into trade in convertible currencies and trade in clearing currencies. The Soviet authorities did not provide the IMF with data on gold sales and the IMF had to rely on its own estimates. Semi-official Russian estimates of the Soviet balance of payments on a transactions basis (which records all merchandise imports and exports at the time they take place, regardless of means of payment) for 1990 and 1991 were also prepared by the Sarafanov study (Sarafanov et al. 1992). These estimates of the hard currency balance of payments on a transactions basis have been summarised in Table 9.1.