Russia's net capital outflow has plunged in the first half of this year, the Russian central bank said Wednesday.
The country's net capital outflow in the first six months of this year amounted to 10.9 billion U.S. dollars, compared with 53.3 billion dollars in the same period of 2015. Meanwhile, Russia's current account surplus in the first half of the year has also shrunk to 16.4 billion dollars, compared with 50.6 billion dollars in the same period of 2015, said the central bank.
Its total merchandise exports' value fell due to low prices for raw materials. The overall balance of payments of an economy is largely determined by changes in its current account and capital account.
In a projection, the central bank said that if the oil price averages 38 dollars per barrel, the capital outflow in 2016 is expected to be about 25 to 30 billion dollars, compared with 58.1 billion dollars in 2015.
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