MOSCOW, October 6 (Itar-Tass) —— The first deputy president of the Bank of Russia, Alexei Ulyukayev, expects that the year-end capital outflow will not increase to remain at the current level of about 50 billion dollars.
"I think the final figure will be close to today's level," he told the media on Thursday.
According to the Bank of Russia, the net capital outflow from Russia in the first nine months amounted to more than 49 billion dollars.
Moreover, as the head of the Central Bank Sergei Ignatiev said on Wednesday the, net private capital outflow from Russia in September 2011 alone was approximately 13 billion dollars. He said such a large outflow was due to the fact that "Russia is still far from having a great investment climate" and foreign and domestic investors seem to prefer other countries. "The reasons are different. Apparently, the stress and impact on financial markets has played a role," he said.
Meanwhile, the official forecast of the Ministry of Economic Development regarding capital outflow for the year remains at 36 billion. According to Deputy Minister Andrei Klepach his ministry has not yet had the time to revise the official forecast for outflows, but "it is clear that we will shall not stay within 36 billion or 35 billion."
"At this point we make no predictions, but the estimate is at about 50 billion, or a little more," he predicted. He believes that if the exchange rate of the ruble falls, then investing into hard currencies would prove expensive.