Net capital outflow from Russia drops significantly

The Central Bank of Russia says that net capital outflow from Russia decreased fivefold.

The Central Bank of Russia says that net capital outflow from Russia decreased fivefold.

Panthermedia / Vostock-photo
Amount less than predicted by Ministry of Economic Development

Net capital outflow from Russia in the period of January-October 2016 declined to only $10.4 billion, news agency RIA Novosti reported, citing figures from the Central Bank of Russia.

The bank’s statement read: "It is estimated that net private capital outflow has decreased fivefold to $10.4 billion. Unlike last year, when the main purpose of the net outflow was for the banks to pay off their external debts, in the January-October 2016 period the main factor was the growth of foreign financial assets in various sectors.”

Net capital outflow in the 2018-2019 period is expected to be about $25 billion.

Minister of Economic Development Alexei Ulyukaev has said earlier that capital outflow from Russia will not exceed $15 billion.

First published in Russian by Gazeta.ru

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