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Net capital outflow from Russia almost doubled over the year

Net capital outflow from Russia since the beginning of the year has approached $48 billion. This is almost twice as much as in the same period last year. Net capital outflow from Russia in the first 11 months of 2020 was 1.8 times higher than in the same period of 2019. This was reported in the report of the Central Bank. In January-November of this year, the balance of financial transactions of the private sector (as the Central Bank calls net outflow of funds) reached $47.9 billion. Over the same period last year, it amounted to $27 billion. “The decisive factor was the reduction in liabilities to non-residents of both banks and other sectors”, - notes the Central Bank. In 2019, the indicator “was formed due to banks that increased their foreign assets and reduced their external liabilities”. In October, the Central Bank downgraded the forecast for capital outflow from Russia by more than two times. In July, the regulator expected an outflow of $25 billion, and in the October forecast increased the figure to $53 billion.

Source: www.forbes.ru

News
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

Net capital outflow from Russia by the private sector by the end of 2020 increased 2.2 times compared to the same period last year and amounted to $47.8 billion.

The decline in foreign direct investment (FDI) in the Russian Federation in January-September 2020 amounted to about 80%, according to the report of the World Bank (WB).
Net capital outflow from Russia since the beginning of the year has approached $48 billion.
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