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Offshore Capital Of Russians Is Three Times Larger Than the Amount Of the Country's Foreign Exchange Reserves
August 17, 2017 16:56


Offshore capital of Russians is three times larger than the amount of the country's foreign exchange reserves. The citizens keep the amount equal to 75 percent of gross national income (GNI) offshore, the country's reserves amount to 25 percent of GNI. This is stated in the study of the National Bureau of Economic Research in the United States.

The volume of foreign exchange reserves in Russia is almost 350 billion US dollars (data of the Central Bank on August, 1). Thus, according to the assessment of the bureau, more than trillion dollars, or more than 60 trillion rubles are kept in offshore.

Therefore, the volume of offshore capital is equal to the value of financial assets within the country, the document says. "That is the amount of wealth kept by rich Russians abroad: in the UK, Switzerland, Cyprus and other similar offshore centers, that is equal to the assets held by the entire population of Russia within the country," the authors of the study emphasize. The experts point to the extreme level of inequality and the concentration of resources on the basis of rent. 


Author: Anna Dorozhkina


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