Russia's Central Bank has raised its capital flight forecast for next year from $99 billion to a whopping $120 billion "in all scenarios," the regulator's head Elvira Nabiullina was quoted by news agency RIA Novosti as saying Thursday.
This would be more than twice Russia's current account surplus, which the Central Bank expects to reach $56 billion next year.
Slowing economic growth, Western sanctions over the crisis in Ukraine, plummeting oil prices and a drastic ruble devaluation have sent capital outflows from Russia soaring this year.
October saw $28 billion leave the country, nearly half of the total capital flight in 2013. The Central Bank has forecast $128 billion in capital outflow this year.
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.
