Russia 2011 capital flight soars to $84 billion

© RIA Novosti . Ruslan KrivobokRussian Central Bank
Russian Central Bank - Sputnik International
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Russia suffered net capital outflows of over $84 billion in 2011, statistics released on Thursday showed, as the global economic slowdown and political unrest in Russia upset investors.

Russia suffered net capital outflows of over $84 billion in 2011, statistics released on Thursday showed, as the global economic slowdown and political unrest in Russia upset investors.

Net private sector capital outflow topped $84.2 billion, more than twice the $33.6 billion which left the country in 2010 when Russia recovered from the global credit crisis, the central bank said.

Capital flight peaked at $133.7 billion in 2008 when the global economic crisis broke and reached $56.1 billion in 2009.

The figures are much worse than Russia expected for 2011. As late as July, the Kremlin was predicting net outflows of just $35 billion.

Investors usually avoid emerging markets such as Russia in unsettled periods, preferring to seek safe havens in developed markets.

They also appear to be worried by the unprecedented political unrest in Russia, with demonstrations against Prime Minister Vladimir Putin bringing tens of thousands on to the streets.

 

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