“We see today that foreign markets are significantly closed, and so inflationary pressure stemming from accessible money in the world is now significantly lowered. That is the positive effective of the current crisis,” said deputy chairman of the Central Bank Konstantin Korishchenko.
Photo: Êèðèëë Òóëèí
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Capital Will Spend the Summer Abroad
The Central Bank of Russia reported yesterday its international reserves practically remained unchanged between March 14 and 21. Despite increasing oil prices, those reserves grew only by $100 million. The lack of growth of the reserves is evidence of the lack of influx of foreign capital. The Finance Ministry and Ministry of Economic Development and Trade have already lowered their forecasts for capital influx into Russia this year from $40 billion to $25-30 billion. The Central Bank expects the influx to resume in the autumn of this year, but economists say it may not occur until 2009.
Due to changes in currency rates, the growth of the reserves is more considerable when expressed in euros than in dollars. They have grown by about ˆ300 billion since May of last year, but have been decreasing in euro value since last December.
The Central Bank estimates the outflow of capital from Russia at $18 billion in January and February. Data from March are not yet available, but they are expected to reflect the same trend. Authorities are unalarmed by the outflow, however. “We see today that foreign markets are significantly closed, and so inflationary pressure stemming from accessible money in the world is now significantly lowered. That is the positive effective of the current crisis,” deputy chairman of the Central Bank Konstantin Korishchenko told RIA Novosti information agency.
www.kommersant.com
All the Article in Russian as of Mar. 28, 2008
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