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  Tuesday, December 6, 2022
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Russia is Eastern Europe's biggest capital exporter
Russia is Eastern Europe's biggest capital exporter, says Leonid Grigoryev, president of the Association of Independent Centers for Economic Analyses. "We are exporting major capitals legally registered by the Central Bank [of Russia]. The Central Bank evaluated last year's capital outflow at 7.8 billion US dollars," Mr. Grigoryev said to a media audience as he described Russia as a "heavy capital exporter". Capital inflows and outflows are closely linked to the use of savings. "To attract capital, we must buttress banking and learn to use our savings in a more civilized way," stressed the analyst. Even despite a beneficial situation abroad, progress of capital investment in Russia is dropping pace due to a problem-laden investment climate within the country, and insufficient financial transparency, warns Yevsei Gurvich, Economic Expert Group research supervisor.
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