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Official: Russia’s capital outflow threatens normal cash flow

November 24, 2014, 14:17 UTC+3 MOSCOW

Russia is losing over $240 billion due to private capital ourflow, repayment of foreign loans and dollarization of the economy

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© ITAR-TASS/Mikhail Japaridze

MOSCOW, November 24. /TASS/. Net private capital outflow from Russia is threatening a normal cash flow, presidential aide Sergey Glazyev said Monday at a meeting with the Federation Council, the parliament’s upper house.

“The net private capital outflow forecast for 2014 stands at US $100 billion-$120 billion, or about 5 trillion rubles. Repayment of foreign loans until the end of next year will amount to around $130 billion more, or to another 5 trillion rubles. Domestic dollarization of the economy which is due to flight from the ruble stands at no less than 1 trillion rubles. This is how we are losing about 11 trillion rubles. This is virtually a half of the monetary base which was formed mainly by foreign sources. Quitting of the foreign sources stripes our economy of the main thing - a normal cash flow,” Glazyev said.

The policies proposed by the government and the central bank are unable to stop capital outflow and to replace foreign financing, he said.

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