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Russia’s Central Bank Sees 2011 Capital Outflows at $70 Billion

Russia’s capital flight may reach $70 billion this year, up from a previous forecast for $36 billion of outflows, the central bank said in its annual monetary policy document submitted to the Duma today.

The country’s international reserves may be at $495 billion at year-end, compared with an earlier prediction for $515 billion, according to the document.

Outflows of capital reached $49.4 billion in the January-September period, Bank Rossii said in the document. Russia’s reserves, the world’s third-largest, declined by $3.1 billion to $514.6 billion in the week ended Oct. 21.

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