Net outflow of capital from Russia tripled in period from January to October
Based on the review of the Central Bank of the Russian Federation, net capital outflow in Russia from January through October 2017 increased almost 2.8 times in the annual comparison, according to preliminary estimates, reaching $23.8 billion compared to $8.6 billion in the same period last year.
"Net capital exports by the private sector, according to preliminary estimates of the Bank of Russia, totaled USD 23.8 billion (USD 8.6 billion in January – October 2016)," the regulator’s review notes.
As the Central Bank explained, "the main contribution to the net capital exports is made by banks ' operations, related to the increased net repayment of external obligations. At the same time, cross-border transactions in other sectors, in contrast with the previous two years, were generally well balanced," the document states.
Earlier, the Ministry of Economic Development forecasted capital outflow from Russia to be $20 billion in 2017, followed by $25 billion per annum in 2018 and 2019.
Over the past year net capital outflow from Russia, according to a preliminary estimate of the balance of payments, fell 3.7 times, amounting to $15.4 billion, after the outflows of $57.5 billion in 2015 and $153 billion in 2014.