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Finance Ministry expects Russia’s capital outflow to be $60 bln at 2015 year-end

December 10, 2015, 14:22 UTC+3 MOSCOW
According to the Russian Finance Minister Anton Siluanov, the estimate is nearly twice lower than initially projected
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© Sergei Fadeichev/TASS

MOSCOW, December 10. /TASS/. Russian Finance Ministry expects Russia’s capital outflow will be $60 bln at 2015 year-end, minister Anton Siluanov said on Thursday.

"The capital outflow declined considerably; this is also a measure of our activities in the budget policy sphere. The outflow totaled $53 bln in eleven months. Our estimate is $60 bln by the year-end and it is nearly twice lower than initially projected," he said.

Russia’s net capital outflow provisionally amounted to $53 bln in January - November 2015 and declined nearly twofold year-on-year, the Bank of Russia said earlier on Wednesday.

According to the Central Bank’s outlook, the capital outflow in 2015 will be $70 bln. The Ministry of Economic Development projects it at approximately $72 bln.

Russian Finance Ministry to not withdraw additional 500 bln rubles ($7.23 bln) from Reserve Fund in 2015

Based on the prevailing budgetary situation the Russian Finance Ministry will not withdraw additional 500 bln rubles ($7.23 bln) from the Reserve Fund in 2015, although it has that right, Anton Siluanov went on to say.

He confirmed the previous estimate that 2.6 trillion rubles ($37.6 bln) will be spent from the Reserve Fund in 2015.

"2.6 trillion rubles ($37.6 bln) will be spent from the Reserve Fund this year. This year we did not use the right to withdraw 500 bln rubles ($7.23 bln) from the Reserve Fund in case we will not have enough income," Siluanov said.

According to him, as a result of the Finance Ministry plans, by the end of the year the volume of the Reserve Fund will be at 3.4 trillion rubles ($49.15 bln), the Russian National Wealth Fund — 4.9 trillion rubles ($70.83 bln). "The total reserves amount to 8.3 trillion rubles ($119.98 bln), or 11.3% of GDP," Siluanov added.

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