Capital outflow from Russia two months reached $ 35 billion
18.03.2014Ministry of Economic Development estimates the outflow of capital from Russia in January-February at around $ 35 billion , said the head of the Ministry Alexei Ulyukayev . " In February , he (outflow - Ed.) Close by January . During two months - about $ 35 billion ," - said Ulyukayev.
Capital outflow from Russia two months reached $ 35 billion Economic Development does not intend to change the outlook on capital outflows in 2014 "While it is pointless to do ," - said the Minister.
Outflow of capital in the I quarter could reach $ 30-35 billion, and for the year, is likely to be higher than projected $ 30 billion , said earlier Deputy Economic Development Minister Andrei Klepach .
-------------------------------------------------- ------------------------------------Medvedev government can not stop the flight of capital from RussiaMoscow , January 20 (New Region , Anastasia Smirnova ) - Nearly $ 63 billion " escaped " from Russia in 2013, almost 15 % more money than the year before . According to the Bank , the banks brought the country $ 6 billion, the private non-banking sector company to order more - $ 56.7 billion Meanwhile , according to experts , the official statistics record is part of a powerful outflow. It is very likely that the country appears much more money than is reflected in the reports CBR "Nezavisimaya Gazeta" .According to the publication , which is funneling money and why - really knows , nobody seems . Ministry of Economic Development officials admitted that they did not know the structure of the outflow . The ministry bolder - here propose to rename the problem : not " capital flight ", but only " transfer of funds ". According to the statistics , about half of the outflow accounts for the payment of interest on private sector external debt , which is growing. Company also invested in foreign assets . But the main factors outflow , according to experts , are the shadow economy and offshore.
About how to evaluate these figures and that it considered the outflow , the government argued for a long time . After the 2008 crisis , the Russian economy has never been able to secure a net inflow of funds . At the same time the government has never outflow forecasts did not come true . Year always began with optimistic expectations that the flow will be minimal , and ended with recognition of the fact that capital is again out of control . And every time a new explanation was outflow : that Europe's debt crisis , which began to withdraw funds from emerging markets , the largest deal of "Rosneft" TNK -BP.Unable to solve the problem , government officials once tried to just rename it . In particular, Deputy Finance Minister Sergei Storchak previously demanded abandon dreaded words "flight " and " outflow " and replace them with more neutral wording " transfer of funds " because such a definition necessarily associated with a poor investment climate and political risk .But amid the silence of the problems of this sensation was the surprise announcement now ex-chairman of the Central Bank Sergei Ignatiev that about 60% of the outflow of capital from the country accounted for " questionable transactions " that may be associated with payment of the supply of drugs , gray imports , bribery and kickbacks to officials with tax evasion .It should be noted that although the Central Bank and publishes a breakdown of capital outflows by major object , in fact we can only guess what lies behind each of the items and what operation is questionable. It is possible that about half of the outflow really falls on the private sector payments on foreign loans . According to the Bank for October 2013th , the external debt of banks and non-bank private sector enterprises increased since the beginning of 2012 to $ 483.3 billion , which is almost 20%.Rough calculation shows that such debt service can cost about $ 25-35 billion annually at a rate of 5-7 % per annum. This is about half of the current capital outflows. In addition , a considerable part of the funds for the purchase of accounts overseas assets that can ideally be profitable .Director of the Institute of Strategic Analysis FBK Igor Nikolaev , commenting on the situation , said that all transactions are recorded in the reports of the Central Bank, more or less legal. This operation , which - at least formally - not violate the law . Although, of course , can then suddenly discover that the transactions were in fact " questionable ."But we must remember that the official statistics are certainly not all financial flows . " Illegal operation it naturally does not reflect . And this churn - 62.7 billion dollars - should be seen as a minimum ", - the expert believes . It is possible that leaked out of the country even more.In turn, the director of the analytical department of " Alpari " Alexander Razuvaev binds the export of capital from the country especially the shadow economy. At the same time , he listed other factors that accelerate the outflow. "Last year the ruble fell by almost 10% . This means that the ruble bond market is no longer as attractive as before. Previously, we could offer higher yields than other countries with similar levels of risk. Also in the stock market - liquidity problems , "- said Razuvaev .According to him , the government by and large does nothing to reverse the trend of outflow. Central Bank engaged in mopping the financial sector , but this is not enough , he said. Investment climate does not improve, intelligible industrial policy is formulated in the country , the stock market is concentrated in the hands of just a few players , the competition was minimal, and therefore , the market does not develop here - problems with investments.
18.03.2014Ministry of Economic Development estimates the outflow of capital from Russia in January-February at around $ 35 billion , said the head of the Ministry Alexei Ulyukayev . " In February , he (outflow - Ed.) Close by January . During two months - about $ 35 billion ," - said Ulyukayev.
Capital outflow from Russia two months reached $ 35 billion Economic Development does not intend to change the outlook on capital outflows in 2014 "While it is pointless to do ," - said the Minister.
Outflow of capital in the I quarter could reach $ 30-35 billion, and for the year, is likely to be higher than projected $ 30 billion , said earlier Deputy Economic Development Minister Andrei Klepach .
-------------------------------------------------- ------------------------------------Medvedev government can not stop the flight of capital from RussiaMoscow , January 20 (New Region , Anastasia Smirnova ) - Nearly $ 63 billion " escaped " from Russia in 2013, almost 15 % more money than the year before . According to the Bank , the banks brought the country $ 6 billion, the private non-banking sector company to order more - $ 56.7 billion Meanwhile , according to experts , the official statistics record is part of a powerful outflow. It is very likely that the country appears much more money than is reflected in the reports CBR "Nezavisimaya Gazeta" .According to the publication , which is funneling money and why - really knows , nobody seems . Ministry of Economic Development officials admitted that they did not know the structure of the outflow . The ministry bolder - here propose to rename the problem : not " capital flight ", but only " transfer of funds ". According to the statistics , about half of the outflow accounts for the payment of interest on private sector external debt , which is growing. Company also invested in foreign assets . But the main factors outflow , according to experts , are the shadow economy and offshore.
About how to evaluate these figures and that it considered the outflow , the government argued for a long time . After the 2008 crisis , the Russian economy has never been able to secure a net inflow of funds . At the same time the government has never outflow forecasts did not come true . Year always began with optimistic expectations that the flow will be minimal , and ended with recognition of the fact that capital is again out of control . And every time a new explanation was outflow : that Europe's debt crisis , which began to withdraw funds from emerging markets , the largest deal of "Rosneft" TNK -BP.Unable to solve the problem , government officials once tried to just rename it . In particular, Deputy Finance Minister Sergei Storchak previously demanded abandon dreaded words "flight " and " outflow " and replace them with more neutral wording " transfer of funds " because such a definition necessarily associated with a poor investment climate and political risk .But amid the silence of the problems of this sensation was the surprise announcement now ex-chairman of the Central Bank Sergei Ignatiev that about 60% of the outflow of capital from the country accounted for " questionable transactions " that may be associated with payment of the supply of drugs , gray imports , bribery and kickbacks to officials with tax evasion .It should be noted that although the Central Bank and publishes a breakdown of capital outflows by major object , in fact we can only guess what lies behind each of the items and what operation is questionable. It is possible that about half of the outflow really falls on the private sector payments on foreign loans . According to the Bank for October 2013th , the external debt of banks and non-bank private sector enterprises increased since the beginning of 2012 to $ 483.3 billion , which is almost 20%.Rough calculation shows that such debt service can cost about $ 25-35 billion annually at a rate of 5-7 % per annum. This is about half of the current capital outflows. In addition , a considerable part of the funds for the purchase of accounts overseas assets that can ideally be profitable .Director of the Institute of Strategic Analysis FBK Igor Nikolaev , commenting on the situation , said that all transactions are recorded in the reports of the Central Bank, more or less legal. This operation , which - at least formally - not violate the law . Although, of course , can then suddenly discover that the transactions were in fact " questionable ."But we must remember that the official statistics are certainly not all financial flows . " Illegal operation it naturally does not reflect . And this churn - 62.7 billion dollars - should be seen as a minimum ", - the expert believes . It is possible that leaked out of the country even more.In turn, the director of the analytical department of " Alpari " Alexander Razuvaev binds the export of capital from the country especially the shadow economy. At the same time , he listed other factors that accelerate the outflow. "Last year the ruble fell by almost 10% . This means that the ruble bond market is no longer as attractive as before. Previously, we could offer higher yields than other countries with similar levels of risk. Also in the stock market - liquidity problems , "- said Razuvaev .According to him , the government by and large does nothing to reverse the trend of outflow. Central Bank engaged in mopping the financial sector , but this is not enough , he said. Investment climate does not improve, intelligible industrial policy is formulated in the country , the stock market is concentrated in the hands of just a few players , the competition was minimal, and therefore , the market does not develop here - problems with investments.
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