Russia’s Q1 Capital Outflow Hits $35 Bln – Central Bank

Net private capital outflow from Russia reached an estimated $35.1 billion in the first quarter of 2012 compared with $19.8 billion a year earlier, the Bank of Russia said on its website on Wednesday.

The Central Bank’s capital outflow forecast for 2012 is $10.5 billion but Central Bank First Deputy Chairman Alexei Ulyukayev said in January that the regulator expected capital outflow to match capital inflow in 2012.

Russian Finance Minister Anton Siluanov has said capital outflow from Russia may hit $40 billion in 2012.

The Central Bank has also revised the 2011 capital outflow figure from $84.2 billion to $80.5 billion compared with $34.4 billion in 2010.

Capital flight from Russia peaked at $133.7 billion in 2008 when the global economic crisis broke out, falling to $56.1 billion in 2009.

Investors usually avoid emerging markets like Russia in periods of turmoil, preferring to seek safe havens in developed markets.


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