Capital inflow in Russia since start of year $70 billion

Conferences

Capital inflow into Russia since the start of 2007 was $70 billion, President Vladimir Putin said Friday.

“Last year, capital inflow was $41 billion, this year $70 billion,” Putin told a discussion forum. Putin said he believes inflation in 2007 will have totaled slightly more than 8%. According to a government plan, inflation in Russia in 2007 should not exceed 8%. In the first eight months of the year, consumer prices grew 6.7%.

Putin said he does not fear an economic crisis in Russia could be caused by world market instability. “There are no big fears,” he said, answering a question asked by forum participants. Putin said that nine years ago Russia’s economy was totally different from the present one. “[Then] we had a huge state debt, we were on a debt needle to the IMF and the World Bank, even more than we today depend on oil and gas,” he said.

The Russian leader said Russian economy’s diversification has started. “This is also an element and a sign of stability,” he said. (rian.ru)

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