Published: October 17th, 2016

And I turn to the next topic - to flee of the capital. We also have good news indeed, and the news is very good. We have dramatically slowed down the flight of capital. According to official estimates, in January - September, it declined by 5 times. It was in January - September of the last year of 48.1 billion dollars (net outflow of private capital), and in January - September of this year - at least $ 10 billion. However, in the III quarter, according to official figures, capital flight accelerated, and $ 2.6 billion, while in the III quarter of last year was the influx of 3.4. Nevertheless, the overall picture is very good. And this is the picture that will tell you all observers, commentators and all analysts.

But in fact, the data basically and fundamentally inaccurate. The fact is that due to the imperfection of the statistics we have operations of the Bank of Russia with the Russian commercial banks, commercial banks bear and allowed its currency that are not in use in the country, on deposit with the Bank of Russia, or when they take the currency of the Bank of Russia, to somehow use it - that these operations we have considered the export of capital abroad or import of capital abroad. This is statistical nonsense. Well, it happened. And the Bank of Russia, again, we return to it due ...

Comrades, protect the interests of the Russian Federation is not incitement to hatred. The wording "inciting hatred towards a social group of criminals" - there is no such article, and never will be. Forget about it. I do not hate. I fix the socio-economic policy of the Russian state. About your attitude to it, I'll say a little later, because it manifests itself. And I fix their minds on this issue. If you carefully listen to me, you will hear that this is a value judgment and opinion.

So, returning to the outflow of capital. Bank of Russia, to his credit, he is very correct in his statements fixes that without the influence of its operations with commercial banks (ie a situation where commercial banks give it currency, and take his currency) picture is quite different. In I quarter of this year, the net outflow of private capital was 13.3 billion dollars against 24 billion last year. In II quarter, it decreased and amounted to almost 2 billion against 14 billion last year. he abruptly jumped up to 6 billion in the III quarter of this year - despite the fact that in the III quarter of last year, the outflow of capital was practically absent. But overall for the first nine months of outflows amounted to 21.4 billion and decreased compared to the previous year is not 5 times, but still declined by 1.8 times. This is a good statistic, this is a normal figure, not as deafening as the reduction of 5 times, but nonetheless more plausible and more understandable.

And this, incidentally, explains what happened to the capital, why they no longer leave. Because they just became much smaller. The fact that the outflow of capital from the country, all other things being equal (and we now have a fairly stable situation, nothing changes too abruptly) - is derived from, can find capital use in the country. If the capital of the country of application is not found, then how much currency the country earned - so, roughly speaking, the capital of it and escaped. Now our country earns little currency, really very small - accordingly, the outflow of capital is reduced. Although in the III quarter growth looks really very unpleasant.

Source: MEF expert M. Delyagin