Russian Capital Flight to Reverse by 2015 – Central Bank

Net private capital outflow from Russia is expected to shrink to $10 billion in 2013 and give way to a $15 billion capital inflow in 2015, Central Bank First Deputy Chairman Alexei Ulyukayev said on Thursday.

“We believe the capital account situation will gradually improve. Under the basic scenario, we presume that there will be still a slight capital outflow of $10 billion in 2013, a zero capital outflow/inflow balance in 2014 and a small capital inflow of $15 billion in 2015,” Ulyukayev said in an interview with Prime news agency.

The forecast prepared in accordance with the Central Bank’s Monetary Policy guidelines for the next three years coincides with projections prepared by the Economics Ministry and used by the Finance Ministry to draft Russia’s budget, Ulyukayev said.

Russia’s Central Bank expects net capital outflow at $60-65 billion in 2012.

Russia’s net private capital outflow fell to an estimated $9.5 billion in the second quarter of 2012 from $33.9 billion in the first quarter.

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. Capital outflow from Russia stood at $80.5 billion in 2011 compared with $34.4 billion in 2010.


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