Excess to the target

The net outflow of capital from Russia in October 2014, according to the Ministry of Economic Development, increased to the maximum value from the beginning of the year and amounted to $ 28 billion. This is stated in the presentation of Deputy Minister Alexei Vedev "Modern problems and challenges of Russian economic policy."

Pure outflow of capital and a drop in oil prices negatively influenced the dynamics of the ruble with respect to foreign currencies, the deputy minister notes. In January-September 2014, the outflow of capital has already amounted to $ 85.2 billion. The price of oil decreased from 106.4 per barrel in January to "less than $ 80 today." As a result, from the beginning of 2014 to November 21, the ruble depreciated by 30.1 percent to the dollar and 23.1 percent to the euro.

According to Vedev, the Russian economy has encountered a difficult situation: reduction of investments, geopolitical tension, reduction of credit resources, and growth in costs. The growth rate of the economy (GDP dynamics) continues to slow down. If in the IV quarter of 2013 they amounted to 2 percent, then this year they decreased to 0.9 percent in the first quarter, 0.8 in the II quarter and 0.7 in the III quarter.

Last week, the Bank of Russia increased its forecast of pure capital outflow from Russia in 2014 from 90 to 128 billion dollars. The current forecast of the Ministry of Economic Development is $ 100 billion. Earlier, leading to this forecast, the deviation of "minus 10 plus 20 billion".

On November 11, President Vladimir Putin at the APEC business summit in Beijing said that Russia would not introduce restrictions on the movement of capital . According to Putin, the basic indicators of Russia for gold and foreign exchange reserves and payment balance are at a good level. This allows you to do without additional extraordinary measures. At the same time, Russia intends to more actively use calculations in national currencies in the framework of economic relations with China. Such opportunities due to the trade in energy resources, the president noted.

Putin also stated that the ruble exchange rate is now observed, but this will stop in the near future. The financial authorities of Russia are taking all necessary measures. Events in the foreign exchange market are not related to fundamental economic reasons, the president believes.