According to the Central Bank of Russia, net capital outflow from Russia increased 2.1 times in January-September 2017, reaching $21 billion according to preliminary estimates, compared to $10 billion in the same period last year.
“Based on preliminary estimates by the Bank of Russia, net capital exports by the private sector emerged at the level of USD $21 billion (USD $10 billion in January-September 2016)," the regulator's report notes.
As the Central Bank indicated, "in contrast to the situation during the corresponding period of the previous year, net capital exports [increased] due to operations by the banking sector, which significantly reduced external obligations." "Capital flows related to operations of other sectors were generally balanced," the materials say.
Earlier, the Ministry of Economic Development officially forecasted capital outflow from the Russian Federation to hit $20 billion in 2017, followed by $25 billion per annum in 2018 and 2019.
Recall that over the past year net outflow of capital from Russia, according to a preliminary estimate of the balance of payments, fell 3.7 times to $15.4 billion, after outflows of $57.5 billion in 2015 and $153 billion in 2014.