Contents tagged with capital ouflow
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$190 billion withdrawn from Russian as capital amnesty program comes to an end
The Russian government is concluding the capital amnesty program, in which major businesses have been given the opportunity to bring assets and capital back into the country in exchange for a guarantee that they will not be prosecuted for tax and foreign currency violations.
Another round of amnesty, the third since 2015, when President Vladimir Putin called on billionaires to aid the country’s failing economy, will end on February 29. There are no plans for a fourth round, Deputy Finance …
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A mysterious growth of capital outflow from Russia has puzzled Russian banks and experts
The volume of capital withdrawal from Russia abroad in the first quarter of 2017 puzzled the financial community. Regardless of the Central Bank’s forecasts about a yearly rate of $12 billion, the outflow for the first quarter alone has already amounted to $15.4 billion.
According to the Central Bank itself, the reason lies in the growth of banks’ foreign currency purchases, but the banks themselves deny this. "We did not increase foreign assets in the first quarter of 2017," VTB Bank reported …