Maxim Oreshkin, the head of the Finance Ministry's strategic planning department, said net capital outflows accelerated in the third quarter compared with the second.
According to the central bank, Russia bled $25.8 billion in net outflows in the second quarter after draining nearly $50 billion in the first three months of the year.
The central bank's full-year forecast envisages net capital outflow of $100 billion. Russia's former finance minister Alexei Kudrin said Tuesday that he sees 2014 net outflow at $110 billion.
The burden of capital flight hurts the economic growth and limits Russia's finances. The Finance Ministry, which expects a shortfall in budget revenues next year, may start using the reserve fund, or rainy day fund as it is commonly known, if an average price for crude oil turns out to be lower than $96 per barrel, the average level factored into the 2015 federal budget.
"The second thing that may boost risks of the reserve fund utilization is the shortfall in budget revenues and refinancing," Mr. Oreshkin said.
Speaking at a business and investment conference organized by the American Chamber of Commerce, Mr. Oreshkin said Russia's access to external loans is getting increasingly more difficult, and the economic conditions are exacerbated by plunging oil prices.
However, he opposed fiscal stimulus to encourage economic growth, which is likely to slow to some 0.4% this year, its lowest level since the crisis-stricken 2009.
According to the central bank, Russia bled $25.8 billion in net outflows in the second quarter after draining nearly $50 billion in the first three months of the year.
The central bank's full-year forecast envisages net capital outflow of $100 billion. Russia's former finance minister Alexei Kudrin said Tuesday that he sees 2014 net outflow at $110 billion.
The burden of capital flight hurts the economic growth and limits Russia's finances. The Finance Ministry, which expects a shortfall in budget revenues next year, may start using the reserve fund, or rainy day fund as it is commonly known, if an average price for crude oil turns out to be lower than $96 per barrel, the average level factored into the 2015 federal budget.
"The second thing that may boost risks of the reserve fund utilization is the shortfall in budget revenues and refinancing," Mr. Oreshkin said.
Speaking at a business and investment conference organized by the American Chamber of Commerce, Mr. Oreshkin said Russia's access to external loans is getting increasingly more difficult, and the economic conditions are exacerbated by plunging oil prices.
However, he opposed fiscal stimulus to encourage economic growth, which is likely to slow to some 0.4% this year, its lowest level since the crisis-stricken 2009.
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