April 09, 2014 09:40
Russian Econ Ministry revises capital outflow forecast up to $100 bln for 2014
MOSCOW. April 9 (Interfax) - Russia's Economic Development Ministry has increased its capital outflow forecast for this year to $100 billion from the previous $25 billion, Deputy Economic Development Minister Andrei Klepach said at a Tuesday evening briefing in Moscow.
The outflow forecast for next year in the conservative scenario is increased to $50, in the base scenario to $40 billion. The previous forecast was for zero outflow in 2015.
Central Bank figures published on Tuesday show that net capital outflow from Russia by banks and companies jumped 80% to $50.6 billion in the first quarter of 2014 from $27.5 billion in the same period of 2013. However, this was less than the Economic Development Ministry's projection of $60 billion-$70 billion for the quarter.
"With [forex] swaps this is almost $60 billion [for the first quarter]. Maybe $10 billion less [for the year], but for now this is within the limit of accuracy. We're not going to change the forecast [for the year] for the time being," Klepach told Interfax, commenting on the Central Bank figures and the possibility of a new revision of the forecast for the year in light of the lower that expected figure for the first quarter.
In the base scenario the ministry is forecasting zero capital outflow in 2016, compared to a previously projected inflow of $20 billion, and an inflow of $10 billion in 2017. The conservative scenario projects an outflow of $20 billion in 2016 and $10 billion in 2017.
Cf pr vp of ak
(Our editorial staff can be reached at eng.editors@interfax
December 23, 2014
Russia and CIS political and economic calendar: December 23
December 22, 2014
Russian military officers helping monitor east Ukraine truce
Russia-donated mobile hospital launched in Ebola-stricken Guinea
Snowden well-settled in Moscow, has job, new friends - lawyer
DPR to lift curfew on New Year night
Kazakhstan, Ukraine could return to $4 bln trade - Nazarbayev
PACE rapporteur on Russia slams anti-Crimean sanctions
Belarus does not allow Russia-bound transit of electronics - official
2018 FIFA World Cup chance to prove Russia not racist - Champagne
OSCE should help launch Kyiv's dialogue with Donetsk, Luhansk - Duma speaker
Trust Bank capital shortfall measured in tens of billions of rubles - Central Bank
Trust Bank unable to cope with outflow of deposits last week - Sukhov
Lawmakers propose hiring Italian prosecutor as head of Ukraine anti-corruption agency
Germany‘s E.ON is spinning its Russian business off to a "New Company" which will be transferred to the company‘s shareholders, with plans to list it in 2016. Apart from the Russia business, the new company will receive all of E.ON‘s conventional energy assets. E.ON itself will focus on renewable energy and innovation. Johannes Teyssen, E.ON‘s CEO, told Interfax in an interview of the logic behind the decision and its implications for the concern‘s Russian subsidiary OJSC E.ON Russia.
Australian Ambassador to Russia Paul Myler has given an interview to Interfax ahead of the G20 summit in Brisbane in which he speaks about the MH17 crash, the reasons for joining the West‘s sanctions against Russia and explained why Australia expects changes in Russia‘s food policy by March 2015.
The name Arkady Rotenberg has been in the news far more frequently than usual in recent months. The billionaire was hit by the first wave of European Union sanctions against Russia, and has already challenged this decision in court. Recently it was reported that the businessman has sold part of his assets to his eldest son. Arkady Rotenberg spoke in an interview with Interfax about whether there was a link between these two developments, the impact of sanctions on his business, his friendship with President Vladimir Putin and many other topics.