Russian Econ Ministry estimates April capital outflow at $8 bln
MOSCOW. May 14. (Interfax) - The Russian Economic Development Ministry estimates capital outflow at $8 billion in April, Deputy Economic Development Minister Andrei Klepach said at a meeting of the State Duma's budget and tax committee.
Capital outflow will probably continue in May, Klepach said.
"Outflow was $35 billion in Q1 2012. There was outflow in April also - we estimate $8 billion - and it looks like being substantial in May as well," Klepach said.
But the trend will be bucked and capital will start to flow in after that, Klepach said. The Econ Ministry has said it expects capital to start flowing into Russia in H2 2012 and that net outflow for the year would be $15 billion-$25 billion.
The ruble's exchange rate is "considerably lower" than it could be because capital outflow is higher than expected, Klepach said.
If everything depended on oil prices alone, the ruble would be trading not at 20 or 30 rubles to the dollar but at 27-28 rubles. But capital outflow proved to be stronger than we anticipated," he said. Therefore, despite high oil prices, the ruble is weaker than anticipated, he said.