From the beginning, the export of capital from Russia increased to $21.5 billion According to Central Bank estimates, by the end of the year this figure will reach $30 billion
Photo: Vladislav Shatilo / RBC
In January—July 2018 net capital outflow from Russia’s private sector increased, according to Bank of Russia, more than doubled, to $21.5 billion In the first half of 2017, the figure was $8.7 billion.
Such dynamics was due to higher foreign assets of other sectors and “the continued reduction of Bank liabilities to non-residents”.
Russia’s international reserves grew $6.1 billion to $32.5 billion increase was mainly affected by the purchase of foreign currency in terms of the budget rules, explained in the regulator.
Siluanov and Kudrin argued about the cut-off price rule in the budget
Last month, CB reported the capital flight from Russia in January—June 2018. In the first seven months of the year the capital outflow amounted to $17.3 billion, that is, in July, capital outflow increased by $4.2 billion.
Initially, the Central Bank predicted that the outflow for 2018 will reach $19 billion, but sanctions have forced the regulator to adjust the forecast. “What has happened is the extension of sanctions against Russia and increased volatility in world markets will reduce the attraction of foreign investments of the Russian companies”, — said the Chairman of the Central Bank Elvira Nabiullina. According to her, this year capital outflow will amount to $30 billion.