Capital outflow doubles in May - Ulyukayev
ST. PETERSBURG. June 20 (Interfax) - Capital outflow from Russia approximately doubled in May compared with April, Central Bank First Deputy Chairman Alexei Ulyukayev told reporters on the sidelines of the St Petersburg Economic Forum.
Ulyukayev could not say exactly why this happened. "There's a whole set of reasons. Perhaps we should start by asking why outflow decreased in April," he said, adding that the Central Bank was so far standing by its official outflow forecast for the year.
The Central Bank's baseline forecast is $10 billion outflow this year.
The CBR anticipates that the outflow of capital from Russia last month will prove to have been quite sizeable, CBR Chairman Sergei Ignatyev told the press on June 19. "It'll be very large, unexpectedly large," Ignatyev said.
Specific figures for net capital outflow will most likely be released when the results of the second quarter are totted up, he said.
Deputy Economic Development Minister Andrei Klepach said just recently that his ministry estimates May capital outflow from Russia will run to $8 billion.
The Russian Economic Development Ministry estimates net capital outflow fell to $3.5 billion-$4 billion in April, from $7.8 billion in March.
The CBR estimates net outflow at $25.8 billion in Q1 2013, $7.9 billion in Q4 2012 and $33.6 billion in Q1 2012.
