CBR ups 2011 net capital outflow forecast to $70 bln
MOSCOW. Nov 1 (Interfax) - The Central Bank of Russia has adjusted its forecast for net capital outflow this year upwards to $70 billion from $36 billion.
A draft of the main avenues for monetary-lending policy says that elevated rates of private-sector foreign asset growth will persist until year-end against less growth in the amount of resources raised abroad, resulting in net capital outflow rising to $70 billion.
The initial policy draft recently released had the CBR hiking its net capital outflow forecast from $35 billion to $36 billion.
In an interview with Reuters TV on October 6 - practically the same time that the first money-lending policy draft was published - First Deputy Chairman of the CBR Alexei Ulyukayev said that net private capital outflow from Russia this year could total around $50 billion. On October 20, he told journalists that the CBR does not rule out a revision of its forecast for international reserves and capital outflow.
In January-September, net capital outflow from Russia totaled $49.3 billion, including $13 billion in September alone.
