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Nabiullina Says Russia Must Rein in Capital Flight to Stabilize Ruble

The Central Bank head Elvira Nabiullina.

ST. PETERSBURG, Russia –The Central Bank head Elvira Nabiullina said on Tuesday that the ruble's long-term stability could be ensured only by curbing capital flight.

"The ruble's long-term stability is possible only by lowering the outflow of capital," Nabiullina told a Central Bank conference in St. Petersburg.

She added that capital flight from Russia this year would remain high. According to official forecasts, net capital outflow should reach around $100 billion this year.

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