The export of private sector capital out of Russia increased by 27.5 times
The export of private sector capital out of Russia increased by 27.5 times in the second quarter of 2005 as compared with the first three months of the year, Mosnews reported.
The Bank of Russia reported on Tuesday, July 5, that according to preliminary data for April-June 2005, Russian citizens took $5.5 billion out of the country as compared to $200 million in January-March. The figure is still a decrease of 11.3 percent as compared to the second quarter of 2004 when Russians took $6.2 billion out of the country.
Out of the $5.5 billion sum, Russian banks moved $4 billion, while the net export of capital by non-financial institutions and households amounted to $1.5 billion. A year ago, in the second quarter of 2004, Russian banks sent $3.3 billion out of the country, while capital export by households and non-financial institutions amounted to $2.9 billion.
In 2004 net outflow of private capital from Russia amounted to $9.3 billion. The banks have accounted for the net inflow of $3.8 billion, while private households and non-financial institutions took out $13.1 billion.