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Russia’s economic development ministry assesses capital outflow from Russia at $52 bln

September 20, 2012, 16:37 UTC+3
By the end of the year, he said, the figure will reach 60 billion U.S. dollars, or within a previous forecast
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Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, September 20 (Itar-Tass) —— Capital outflow from Russia in the nine months of 2012 is estimated at about 52 billion U.S. dollars, Minister of Economic Development Andrei Belousov said on Thursday at a government meeting.

By the end of the year, he said, the figure will reach 60 billion U.S. dollars, or within a previous forecast.

According to the ministry’s socio-economic forecast for 2013-2015, the tendency is to change from 2014, ensuring a stable capital inflow to Russia.

In the mean time, Russian Deputy Minister of Finance said earlier in the day in Bishkek that there are no reasons to speak about cash withdrawal from Russia.

“There are no signs indicating money outflow from Russia,” Sergei Storchak told journalists on Thursday. “What some call capital outflow is a mere return of earlier loans. Loans must be repaid, there are no big problems here.”

According to Storchak, in many cases it is just a mere re-pledging of currency proceeds earned abroad. “Corporations are diversifying their assets placing them in roubles, U.S. dollars and euros. So, from this point of view I see no capital flight or outflow. It is a usual banking practice,” he stressed.

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