The Finance Ministry announced radical improvement of the situation with the outflow of capital

The Finance Ministry announced radical improvement of the situation with the outflow of capital

Moscow. November 17. The peak of payments on external debt, which for the most part forms the outflow of capital is passed, the situation with the outflow dramatically improved, said Deputy Minister of Finance Maxim Oreshkin.

“Capital outflows are only linked to the repayment of external debt. (…) Therefore, we can say that the situation is drastically improving. The peak for the outflow of capital was passed at the end of last / beginning of this year, when the largest payments and the high degree of macroeconomic uncertainty. Now, when the peak of payments is passed, its volume significantly decreased, on the other hand, the degree of macroeconomic certainty is much higher, economic agents behave much calmer, we can see how the outflow was replaced by inflow in the third quarter,” he said at the conference, S&P.

According to Oreshkin, Russia unlike many other countries with developing markets in a complex situation, make the right decisions and showed the ability to adapt. Many foundations encountered by the Finance Ministry, he said, say about the active peredozirovki their investments from the markets of Brazil and Turkey in the Russian economy, “due to its ability to demonstrate the ability to adapt”.

“Everybody understands that the situation may deteriorate, may be an adverse effect from China, but Russia proved able to adapt and make the right decisions and find the optimal solution to the current economic problems unlike many other developing countries,” the Deputy Minister said.

Finance Minister Siluanov Anthony last week said that the Finance Ministry expects capital outflow in 2015 to $60-65 billion.

The Minister of economic development Alexei Ulyukayev said earlier that by the end of 2015, capital outflow from Russia may be less than the current official forecast of $72 billion.

According to the Central Bank, net capital exports by the private sector of the Russian Federation in January-October of 2015 pre-amounted to $50.2 billion versus $105.3 billion in the comparable period of 2014. The Central Bank estimates the outflow at $70 billion.