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Russian Central Bank Says Capital Flight Nearly Tripled

13 January 2005 -- Russia's Central Bank said today capital flight from the country nearly tripled last year compared to 2003.

The bank said in a statement on its website that the flow of capital out of Russia last year grew to some $7.8 billion. In 2003, it had been $1. 9 billion.

Capital has been flowing out of Russia in every year since 1994. Analysts say last year's increase may have resulted from a poorer investment climate linked in part to the case against the Yukos oil company.

The World Bank said in November 2004 that capital flight also reflects changes in the Central Bank's exchange rate.