MOSCOW: Capital flight would be increased from $99 billion to $120 billion next year, Russia’s Central Bank’s head Elvira Nabiullina said the other day in a forecast report.
This would be more than twice Russia’s current account surplus, which the Central Bank expects to reach $56 billion next year.
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Slowing economic growth, Western sanctions over the crisis in Ukraine, plummeting oil prices and drastic ruble devaluation have sent capital outflows from Russia soaring this year.
October saw $28 billion leave the country, nearly half of the total capital flight in 2013. The Central Bank has forecast $128 billion in capital outflow this year.
