The CA surplus declined to USD11.8bn in January compared to USD12.9bn in January last year, according to preliminary figures published by the CBR on Monday. Still, the surplus is higher than seen in Q3’18 when oil prices were above current levels, which is in line with the seasonal pattern. The CBR also estimated that net private sector capital outflows reached USD10.4bn in January. This is above the level seen last year and already accounts for almost half of the annual CBR forecast. CBR reserves rose by USD1.9bn in January on the back of resumed forex purchases, the CBR said.