09:00 GMT22 June 2021
Listen Live
    Russia
    Get short URL
    0 23
    Subscribe

    According to a preliminary report by the Bank of Russia, Russia's net capital outflow more than doubled in 2014, year-on-year, reaching $151.5 billion.

    MOSCOW, January 16 (Sputnik) — Russia's net capital outflow more than doubled in 2014, year-on-year, reaching $151.5 billion, according to a preliminary report by the Bank of Russia.

    The country's financial regulator previously estimated the outflow to total $134 billion last year.

    According to the Central Bank's "base" scenario of Russia's macroeconomic development, the capital outflow is estimated at $118 billion in 2015, $75 billion in 2016 and $53 billion in 2017.

    The outflow of almost $20 billion out of $151.5 billion is temporary, as it stands for the liquidity support of the Central Bank to the banks on a repayable basis, the Bank's press service told RIA Novosti.

    Another factor conducive to the increase in the net capital outflow is external debt repayment by companies and banks given the worsening conditions for debt refinancing after the Western countries introduced anti-Russia sanctions over Ukraine.

    According to the statement of the press service, external debt repayments are expected to decrease in 2015, therefore the net capital outflow will diminish as well.

    Related:

    Putin: Central Bank Key Rate Increased to Sustain Macro-Economic Stability
    Putin: Russia's Central Bank Needs to Act Half Step Quicker
    Russian Central Bank Hikes Interest Rates to 17%
    Tags:
    money, Russian Central Bank, Russia
    Community standardsDiscussion