Central Bank official hoping for less January capital outflow than $8-$10 billion

The outflow of capital from Russia last month could be $8-$10 billion as the Economic Development Ministry estimates, but might be less, First Deputy Chairman of the Central Bank of Russia (CBR) Alexei Ulyukayev said.

"It's possible. Another magnitude is possible, too. I think less is more likely," Ulyukayev told the press on the sidelines of the seminar Investments and Financing Investments in the context of the financial G20.

The base scenario for monetary-lending policy envisions capital outflow of $10 billion for 2013 as a whole, Ulyukayev said. The ministry reckons it will be from zero to $10 billion.

The CBR estimates net capital outflow from Russia at $56.8 billion in 2012.

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