Ruble more likely to strengthen than weaken in 2016, capital outflow to fall to $30-$40 bln
HELSINKI. April 13 (Interfax) - The chances of the ruble strengthening in 2016 are greater than its depreciation, Economic Development Minister Alexei Ulyukayev said.
Capital outflow from Russia in 2016 will slow to $30 billion-$40 billion [the Central Bank's estimate for 2015 was $58.1 billion], he said at a meeting with business groups in Finland.
"Capital outflow will slow down. Last year capital outflow slowed down by approximately two-thirds, up to $58 billion. This is a large amount, but not that extreme. In the first quarter of this year it is $7 billion. Our expectations this year are $30-35 billion, maybe $40 billion," he said.
"The national currency has significantly strengthened. The currency market, the relation between supply and demand, has a bigger chance of strengthening than weakening. Why? Because the balance of payments will be positive this year, and evidently, in the following years," he said.
He said the trade balance will improve due to the positive environment, including for oil, adding that the current account will also be positive.
"We expect that this year and in the years to come, the current account surplus will be $60-65-70 billion," the minister said.