By Ranjit Lall
At a time when most emerging markets are struggling to stem the tide of liquidity from the developed world, Russia stands virtually alone in anticipating more capital flowing out of the country than coming in this year.
On Monday, Russia’s central bank raised its forecast for net outflows in 2010 to $22bn. Although this is much lower than the outflows of $134bn in 2008 and $57bn in 2009, the contrast with the emerging world as a whole - which the International Institute of Finance expects to experience net private capital inflows of $825bn this year - is striking.
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