Net capital inflow into Russia could hit $60 bln in 2008

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Net capital inflow into Russia could reach $60 billion in 2008 if oil prices continue to rise, a deputy economics minister said on Wednesday.
MOSCOW, May 14 (RIA Novosti) - Net capital inflow into Russia could reach $60 billion in 2008 if oil prices continue to rise, a deputy economics minister said on Wednesday.

Andrei Klepach said net capital inflow would be $30 billion in 2008, but that if oil prices rise significantly above $100 per barrel it could be substantially higher, reaching $50-60 billion.

In 2007, net capital inflow was $82 billion and in 2006, $41 billion. The Central Bank's 2008 forecast is $35 billion.

The Central Bank's monetary policy guidelines for 2008 earlier projected net capital inflow of $40 billion.

Net private capital outflow from Russia stood at $23 billion in the first three months of the year and slowed from more than $11 billion in January to $9 billion in February and $2.5 billion in March.

According to the International Monetary Fund, net capital inflow into Russia could hit $45 billion in 2008 and $70 billion in 2009.

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