"Net capital outflows of the private sector in January-May 2016 were estimated by the Bank of Russia at $12.7 billion falling four-fold on the previous year outcome," the bank’s statement read.
External liability payments by banks were identified as the main channel for capital flight, followed by acquisition of external assets by other sectors.
Bank of Russia chief executive Elvira Nabiullina said at a press conference after Friday’s board of directors meeting that the net cash outflow was not expected to exceed an annual $30 billion in the coming years.
"We expect net capital outflows [the difference between capital outflows and inflows] to remain low by historical standards in 2016-2018 — not higher than $25-30 billion," she told reporters.
Nabiullina predicted that Russian banks would be able to refinance their shrinking external debts and raise funds abroad more effectively, thus offsetting the drawbacks of economic sanctions on the country.