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Capital outflow from Russia turns to be lower than expected in 2015 — bank official

November 02, 2015, 19:39 UTC+3 MOSCOW
Capital outflow was expected at the beginning of the year to stand at over $100 bln
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©  TASS/Sergei Fadeichev

MOSCOW, November 2. /TASS/. Capital outflow from Russia turns to be much lower than expected this year and will be about $60-65 bln, Deputy Chief Executive Officer of Russia’s state-owned Vnesheconombank Andrey Klepach said on Monday.

"Capital outflow is currently lower than initially expected. Capital outflow was expected at the beginning of the year to stand art over $100 bln or about $90 bln. Our expectations were about $87-90 bln. It appears currently that the outflow will be significantly lower, about $60-65 bln," Klepach said.

This is a huge amount nevertheless, Klepach said. Russia needs to return to the development model "where outflow scales are insignificant and when capital inflow will emerge in mid-term, despite sanctions and despite fleeing Russian money," he added.

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