"Net capital outflow in September, based on our preliminary estimates, was $26 billion," Ignatyev said at a State Duma session.
BNP Paribas has estimated that investors have withdrawn about $140 billion from the country since the start of August.
The Central Bank warned banks Thursday against increasing the amount of foreign currency they hold above the average level from Aug. 1 to Oct. 25.
"I think in most cases it happens within the law and is done in the commercial interest of the banks," Ignatyev said. "Nonetheless, such actions at the moment don't help stabilize the economic situation in Russia."
He also said the country aimed to let the ruble, whose value is now pegged to other currencies, float freely on currency markets in the next few years.
Russia pegs the ruble to a basket of the dollar and the euro, allowing it to float only within a range of 4 percent and intervening if necessary.
Ignatyev said that next year it will still operate "the managed floating currency rate of the ruble" but that in the next four years it "will continue to move toward a regime of a freely floating currency rate," easing the ruble's dependence on the currency basket.
Ignatyev said that would allow the Central Bank to increase the role of interest rates in its monetary policy. Interest rates help control economic growth as well as the relative value of a currency.
The real ruble rate will probably appreciate between 3.5 percent and 4.5 percent this year, he said.
Ignatyev also said inflation would probably reach about 13 percent by the end of the year, more than the government's 11.8 percent forecast.
(Bloomberg, AP)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.