Central Bank raises 2014 capital outflow estimate to $134 bln
MOSCOW. Dec 16 (Interfax) - The Central Bank of Russia has raised its 2014 capital outflow estimate to $134 billion from $128 billion, the Central Bank said in a monetary policy report.
The regulator is expecting outflow of $120 billion in 2015, $75 billion in 2016 and $55 billion in 2017. It was reported earlier that the Central Bank was forecasting capital outflow of $120 billion in 2015.
The Central Bank also expects that private capital outflow in the fourth quarter of 2014 will increase to a level comparable to the first quarter of the year amid the ongoing difficulties residents face raising capital on international markets, as well as growth of speculative demand for foreign currency. The write-off of Cuba's debt on loans extended in the Soviet era will have a symmetrical impact on the capital account balance and the government account balance, the Central Bank expects.
Net private capital outflow totaled $48.6 billion in the first quarter of 2014.
