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Flight of capital from Armenia to Georgia amounts $ 400 million per year

2011-07-20 18:36

Flight of capital from Armenia to Georgia amounts $ 400 million per year. 19848.jpegCapital flight from Armenia to Georgia amounts about 400 million dollars. According to "Business-Georgia", $ 100 million money from the tourism industry and 300 million is the business capital. This information was voiced by the head of the analytical center "Alternative", Doctor of Economics Tatul Manaseryan during a teleconference Moscow-Yerevan . According to him, exported capital often bypasses the banking system, so it is not reflected in official statistics.

In turn, as noted by the deputy head of analytical department of the Banking Association of Russia Sergey Grigoryan, capital flight is also a problem of Russia. According to him, a net outflow of capital from Russia in 2010 amounted $ 27 billion.

Participants of teleconference called unattractive business environment of countries from where capital outflows as the reason for these situations. For example, the presence of red tape, corruption and loopholes in the legislation.

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