In its 2008 monetary policy guidelines posted on the CBR Web site Monday, the bank gave three scenarios for the country's social and economic development next year.
The first scenario projects a dramatic fall in world oil prices that could plunge Russia's exports down to $321.9 billion, and narrow the foreign trade surplus to $29.5 billion.
Under the second scenario, world crude prices are to fall negligibly compared to 2007, with exports rising to $352.3 billion and the foreign trade surplus widening to $42.5 billion.
The third scenario expects the world market situation to improve and bring Russia's exports up to $378.7 billion. At the same time, imports are expected to grow faster than exports and push the foreign trade surplus down to $62.1 billion.
Under any scenario, Russia's balance of payments is expected to remain stable in 2008, the CBR said.
The Central Bank earlier said the country's net private capital inflow exceeded $60 billion in the first five months of 2007, compared to $42 billion for the whole of 2006.
