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Russia's Trade and Economic Development Ministry forecasts direct foreign investment in Russia will reach $11-$13 billion by year's end
Direct foreign investment in Russia in the first half of the year more than doubled year-on-year from $4.5 billion to $9.3 billion. "Net capital flight from Russia by the end of 2005 is estimated at $9-$10 billion. Direct foreign investment inflow will amount to about $11-13 billion," the ministry said. Trade and Economic Development Minister German Gref plans to report to a session, scheduled for Thursday, on the socio-economic development of the Russian Federation and macroeconomic year-end forecasts. The ministry said net capital flight from Russia dropped in January-July 2005 by 45% year-on-year to $5.7 billion, down from $10.4 billion last year. Net capital flight in the banking sector in the first half of 2005 remained nearly the same at $6.6 billion, compared to $6.5 billion in 2004. "Non-financial and household sectors attracted $1 billion in net capital inflow this year, whereas in 2004 net capital flight in these sectors reached $3.9 billion," the ministry said, adding that the positive changes related to capital flight were due to "more aggressive accumulation of liabilities compared to foreign assets growth."
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