Central bank : Russia's capital outflow hits $18.7 bln in Q3

Russia's net private capital outflow hit an estimated $18.7 billion in July-September 2011 compared with $4.2 billion in the same period last year, according to central bank data released on Wednesday. Russia's non-financial organizations withdrew $14.1 billion from the Russian economy in the third quarter of 2011 while net capital outflow by the banking sector stood at $4.6 billion, the data showed. In January-September 2011, net private capital outflow from Russia amounted to $49.3 billion. Russia's central bank expects net private capital outflow to reach $36 billion in 2011. In 2012, net private capital outflow is expected to drop to $15 billion, if world oil prices stay at $75 per barrel or fall to zero if global oil prices rise to $100 per barrel. With an oil price of $125 per barrel in 2012, Russia will see a net capital inflow of $10 billion.