MOSCOW, November 3. /TASS/. The outflow of capital from Russia in 2015 will be about $70 billion, Finance Minister Anton Siluanov said at a meeting of the State Duma, lower house of parliament.
"We see that the confidence of investors in our fiscal policy is growing and the outflow of capital is reducing. In the beginning of the year, we estimate that it was about $130 billion. The third quarter was a net capital inflow of $5.3 billion," Siluanov said.
Earlier on Tuesday, the head of the Central Bank Elvira Nabiullina said that the bank had lowered its outlook for capital outflow in 2015 to over $ 70 billion instead of the previously projected $85 billion. She said that the forecast was adjusted partially due to positive data of the third quarter of this year.
The minister said Russia's budgetary and economic policy enjoys confidence of foreign investors, with part of them returning to the country.
"The budgetary, economic, financial policy we’re pursuing, enjoy confidence of investors. Many of them, including foreign investors, are returning to the [Russian] markets," he said.
On the other hand, capital outflow is decreasing, Siluanov said, adding that it is expected to reach $70 bln by the end of the year.
"We evidence this [investors’ coming back] from issuance of Russian public securities. Despite the fact that we place securities in rubles, we see that foreigners successfully invest in those instruments," the Minister said.
The ministry expects to reach the "bottom" of the decline in the growth of Russian economy in the Q4 of 2015.
"Early next year we will see positive economic growth," Siluanov said.Russia’s Economic Development Minister Alexey Ulyukayev said earlier that the peak of the crisis in Russia was reached in the summer; the economy will recover slowly.
"We have reached crisis peak in the summer of this year. In June of this year we have reached the bottom. June against July [GDP - TASS] - zero, July against August - zero, August against September - zero and September against August - 0.3%," he said.
However, "the people and businesses do not feel it," he said, these are the estimation of the Russian Federal Statistics Service (Rosstat).
"So far I feel that we are going to get up slowly. But we can handle the challenge," Ulyukayev said.
Answering the question why the crisis wasn’t avoided, he said: "We were not able to find answers to the questions posed by life in time. How did we develop in the past 8 years? We have produced oil, it rose in price in the price and everything was ok. But the music has stopped playing, and the dancer does not know what to do. We were not able to establish mechanisms that transfer national savings into national investment.".
According to Siluanov the Ministry of Finance will use treasury for all investment expenditures of the state-owned companies next year to improve their transparency.
"We stipulate the whole range of institutional measures next year, aimed at improving performance of work with budget funds. Allocated resources, particularly for capitals of companies, are often standing at deposits with commercial banks. We provide for using treasury system in respect of all expenses related to investments," the minister said.
This will make possible to reduce spending of government reserves for such purpose, Siluanov added.