Capital Outflow from Russia Slowed to $5 Bln in Oct.

MOSCOW, November 9 (RIA Novosti) – Capital outflow from Russia amounted to $5 billion in October, Deputy Economic Development Minister Andrei Klepach said on Friday.

“We estimate it to be about $5 billion,” he said, adding that the ministry is not currently planning to revise its full-year capital outflow forecast.

“So far our range is $60 billion-$65 billion,” he said.

A senior Central Bank official said earlier that capital outflow slowed in October compared with the first half of the year.

“The outflow continued in October, but the pace was slower than in the first half,” First Deputy Central Bank Chairman Alexei Ulyukayev said.

He does not expect that rate to change substantially in November-December.

Net capital outflow was $57.9 billion through the first 10 months of the year, Ulyukayev said, citing preliminary data.

The Central Bank forecasts that net capital outflow for the full year will amount to $65 billion.

That is in line with the Economic Development Ministry’s current forecast of $60 billion-$65 billion in 2012, which is revised upward from the previous forecast of $50 billion-$60 billion.

Last year, net capital outflow from Russia totaled $80.5 billion.


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