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Capital outflow from Russia makes $30 bn this year

Capital outflow from Russia makes $30 bn this year

26 May 2011 10:14 (UTC +04:00)

BakÄ± - APA-Economics. n the first quarter of the year, capital outflow from Russia made $ 30 bn, said head of the Central Bank of Russia Sergei Ignatyev, APA reports citing RIA Novosti.

To him, the main cause of capital flight is a bad investment climate in the country. In addition, the head of the Central Bank noted that the outflow affects the currency market participants: they do not believe in the preservation of high oil prices and, consequently, the strengthening of the ruble. The head of the Central Bank also said that currency traders worry about increase of import as wellâ€.

Note that, last time a net capital inflow in Russia was recorded in 2007 and since 2008 investors started to withdraw money from Russia because of the economic crisis.

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