"We have no illusions about any substantial capital return, but I don't think the situation will get worse," he said at an investment conference organized by Renaissance Capital.
He also said the Russian economy has sufficient investment potential.
According to Dvorkovich, capital amnesty might cause a sharp growth in prices in several economic sectors. He referred to Italy where all the returning capital is concentrated on the housing market, causing a sharp property price growth.
"We may encounter similar problems," Dvorkovich said.
Alexei Ulyukayev, the first deputy chairman of Russia's Central Bank, said at a press conference Monday that the Central Bank expected net capital outflow to come in at about $5-7 billion this year, against $9 billion in 2004.
Ulyukayev said the figure depended on four factors. First, investors are guided by the investment climate inside a country, assessing political and legal risks, he said.
Second, he said, capital outflow depends on world market interest rates. High interest rates cause a rise in capital outflow from Russia.
Ulyukayev also said "high interest rates abroad did not undermine investors' interest in our market."
He said that trade surplus and the balance of payments along with the currency policy also influenced capital outflow.
According to Ulyukayev, the currency policy also stands behind short-term capital outflow and inflow.
