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Capital outflow from Russia to stand at $85 bln in 2015 — Central Bank Chief

September 11, 2015, 17:42 UTC+3
Further on, capital outflow from Russia is expected to slow down to $50-60 bln per year
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©  ITAR-TASS/Stanislav Krasilnikov

MOSCOW, September 11. /TASS/. Capital outflow from Russia will stand at $85 bln, Central Bank Chief Elvira Nabiullina said after Board of Directors meeting on Friday.

"For the year we project current balance at $73 bln and capital outflow at $85 bln," Nabiullina said.

She added that further on capital outflow from Russia is expected to slow down to $50-60 bln per year.

Inflation expected at 12-13%

Russia’s Central bank has downgraded its inflation projection for 2015 from 10.8% to 12-13%.

"The final influence of the ruble devaluation on inflation will largely depend on how subjects of economy will react and how their inflationary expectations change," Nabiullina said.

"The contribution of the ruble devaluation in August to annual inflation in December will stand at around 2 percentage points in our view. Judging from those projections we’ve adjusted upwards our inflation forecast to 12-13% for 2015. Nevertheless, annual inflation in September 2016 will stand at around 7%," Nabiullina said.

Earlier on Friday the Central Bank said that annual inflation in Russia will be around 7% in September and will reach 4% goal in 2017. Annual inflation rose from 15.6% in July to 15.8% in August, the report said. As of September 7, growth rate of consumer prices remained at the same level.

According to the latest Central Bank macroeconomic projection /from mid-June/, inflation in Russia may stand at 10.8% in 2015, 5.1% in 2016, 4.2% in 2017 and 4% in 2018. The Finance Ministry expects inflation in 2015 at 10.5-11%, the Economic Development Ministry - at 11.9% (7% in 2016).

According to the data provided by the state statistics service Rosstat, inflation in Russia equaled to 0.2% in September 1-7, and 10% year-to-date. Annual inflation stood at 15.6% as of September 7. In 2014, inflation in September equaled to 0.7% and 6.3% from the start of the year.

Russia’s volume of international reserves is adequate and sufficient

According to Nabiullina, the current volume of Russia's international reserves is adequate and sufficient.

"We have a very flexible policy of foreign exchange reserves replenishment because we believe that their current level is sufficient. It is quite comfortable, under all the international standards of adequacy foreign exchange reserves are at an adequate level," Nabiullina said.

She added that as far as possible the Central Bank will replenish foreign exchange reserves.

"This will happen when the situation on foreign exchange market is good for it," she said.

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