By IANS/RIA Novosti,
Washington : Net capital outflow from Russia will decrease and may be close to zero in 2010 as the country is back on recovery facilitated by higher oil prices, Finance Minister Alexei Kudrin has said.
“The capital outflow will be decreasing. It will depend on world markets, including oil prices,” Kudrin said at a press conference Saturday in Washington where he heads the Russian delegation at the spring meetings of the World Bank and the International Monetary Fund (IMF).
“By the results of the year, the capital outflow can be expected between zero and $20 billion,” Kudrin said.
Russia’s Central Bank expects net capital outflow to shrink to $10-25 billion in 2010. In the estimate of the Russian monetary regulator, net private capital inflow of up to $10 billion into Russia can be expected only in 2011.
Net capital outflow from Russia shrank to an estimated $12.9 billion in the first quarter of 2010 from $35 billion in the corresponding period last year.