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Capital outflow from Russia at $17 billion in January

MOSCOW, February 06. /ITAR-TASS/. Net capital outflow from Russia is preliminary estimated at about $17 billion in January 2014, and may reach $35 billion in January-March 2014, Russian Deputy Economic Development Minister Andrei Klepach told reporters on Thursday.

In his words, “the first quarter [three months of the year] is traditionally marked by a hike in the capital outflow, including through the increase of banking currency assets.”

“This year, the population and enterprises raised the traditional currency purchase. But this is a short-term effect,” Klepach said.

Earlier, Klepach stated that it would be necessary to update the forecast for the year. Under the Economic Development Ministry’s last projection, this year’s capital outflow will be at $25 billion.

According to the Central Bank, the indicator reached $62.7 billion in 2013, comparing to $54.6 billion in 2012.

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