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Capital outflow from Russia to reach $20 bln by year end — ministry

September 08, 17:49 UTC+3 SOCHI
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SOCHI, September 8. /TASS/. Capital outflow from Russia by the end of 2016 will reach about $20 bln, Director of the Joint Department for Macroeconomic Forecasting of the Economic Development Ministry Kirill Tremasov said on Thursday.

"I think that this year it will be in the range of $20 bln, and very low performance in the coming years continues, most likely in the range of $15-20 bln," he said.

It was reported earlier, that the net capital outflow of the Russian private sector fell 4.9 times year-on-year in January - July 2016 to $10.9 bln.

"According to the estimate of the Bank of Russia, the net capital export by the private sector remains low: it declined to $10.9 bln in January - July, while it was $53.3 bln in the similar period of the last year," the Central Bank said.

The demand of economic sectors for foreign assets is somewhat more active this year as distinct from the relevant period in 2015, when repayment of foreign liabilities was the main component of the net capital export, the Bank of Russia said.

According to the outlook of the Bank of Russia, the net capital outflow will be $25 bln in each of 2016 and 2017 and $29 bln in 2018.

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