(MENAFN) Net capital outflows from Russia more than doubled last year to USD151.5 billion, driven by the Ukraine crisis and the falling value of the ruble, The Peninsula Qatar reported.
In 2013, Russia had already seen its high level of capital flight, a recurring problem for the country, reaching around USD61 billion. In the fourth quarter, capital outflows valued at USD72.9 billion.
The central bank said that the figures were boosted by foreign currency loans given to banks for the first time to help them withstand the ruble's fall, "that means USD19.8 billion of capital flight is temporary."
In December, the bank estimated that the capital flight would amount to USD128 billion, but it was pushed higher by the ruble's steep plunge at the end of the year on the back of falling oil prices.
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