The Central Bank said Friday that capital outflow in Russia could reach $100 billion in 2014, the highest level since the global economic crisis of 2008.
"According to our estimates it will be less [than $100 billion]. Maybe about $100 billion," Ksenia Yudayeva, first deputy governor of the Central Bank, said at a banking forum in Sochi, TASS reported.
The Central Bank estimates that $74.6 billion was funneled out of the country in the first six months of the year — more than double the equivalent period in 2013.
Investors have been pulling money out of Russia amid the ongoing crisis in Ukraine and waves of economic sanctions against Russia by the European Union and the United States.
In May, the Central Bank predicted capital outflow in 2014 would reach $85 billion to $90 billion. The Economic Development Ministry raised its capital outflow prediction to $100 billion last month.
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.
