Capital Outflow from Russia Still Low
OREANDA-NEWS. According to the Bank of Russia, the net capital outflow by the private sector in 2016 remains low. In January-July, it fell to $10.9 billion against $53.3 billion in the first seven months of 2015. This data is taken from Estimates of Balance of Payments of the Russian Federation in January-July 2016 posted on the Bank of Russia website.
Unlike the same period in 2015, when the net outflow was mainly driven by the settlement of external obligations, the year 2016 witnesses a higher demand of other sectors of economy for external assets.
The surplus of the current account of the balance of payments in January-July totalled $16.4 billion against $50.6 billion last year. The dynamics of the current account was formed under more substantial pressure on the trade balance under conditions of moderate Russian export commodity prices partially compensated by a lower deficit on other items of the current account.