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Russia cbank: Q1 outflow linked to global debt woes
April 5, 2012 / 9:49 AM / 5 years ago

Russia cbank: Q1 outflow linked to global debt woes

MOSCOW, April 5 (Reuters) - Capital outflows from Russia in the first quarter of 2012 were partly caused by global sovereign debt problems, Russia’s Central Bank Governor Sergei Ignatyev said on Thursday.

Capital flight from Russia nearly doubled from a year ago in the first quarter of 2012 to $35.1 billion, central bank data showed earlier this week.

Ignatyev told a banking conference that achieving a 5-6 percent inflation target this year will be “very difficult”, adding that the central bank bought around $4.3 billion in the currency market in March to limit the rouble’s rise.

The head of the central bank also said that credit and deposit rates on the money market will probably decline from current levels in the coming months. (Reporting by Katya Golubkova and Oksana Kobzeva; Writing by Andrey Ostroukh; Editing by Megan Davies)

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