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    CBR forecasts 50% rise in FDI in 2006 -1

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    MOSCOW, September 13 (RIA Novosti) - The Central Bank expects foreign direct investment in Russia to rise 50% in 2006, the first deputy chairman of the CBR said Wednesday.

    "Foreign direct investment in 2006 is set to rise 50%," Alexei Ulyukayev said.

    He said the net inflow of foreign capital was at $12 billion in the first six months of 2006 plus $3 bln in the first and second months of the second half each.

    According to the CBR, direct foreign investments in Russia stood at $16.7 billion in 2005. The figure is expected to reach $34 billion in 2008.

    Ulyukayev said last week that net capital inflow into Russia by late 2006 would reach $15-$20 billion.

    He attributed the growth in foreign capital inflow in Russia to an upgrade of country's credit ratings by leading international rating agencies and to investors' response to lifting all restrictions on capital flow in Russia since July 1.

    Ulyukayev also highlighted the end of large-scale capital flight, which had affected the economy since the 1990s. He added that capital inflow into Russia in 2005 had exceeded capital outflow for the first time because of the healthy investment climate.

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