Russian minister expects 2013 capital outflow to be lower than last year's $54 billion

Economic Development Minister Andrei Belousov expects that the net capital outflow from Russia in 2013 will be lower than last year, when it amounted to $54 billion.

Economic Development Minister Andrei Belousov expects that the net capital outflow from Russia in 2013 will be lower than last year, when it amounted to $54 billion.

"I think it will be less," the minister told reporters on the sidelines of the St. Petersburg International Economic Forum, adding that the Economic Development Ministry has not yet changed its forecast of $30 billion for capital outflow in 2013.

It was reported earlier that the Central Bank estimates the capital outflow from Russia totalled about $26 billion in the first quarter of 2013, while the Economic Development Ministry estimates there was an outflow of about $4 billion in April and $8 billion. Therefore, the net capital outflow in the first five months of the year is estimated at about $38 billion.

Belousov said that the capital outflow this year is nonetheless still lower than it was in the same period of 2012, and for the year as a whole it should be lower than in 2012.

Deputy Economic Development Minister Andrei Klepach told Interfaxearlier this week that the net capital outflow from Russia in 2013 would probably exceed the ministry's current forecast of $30 billion. The ministry will prepare a revised forecast at the end of August.

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