Tuesday, March 3, 2009

Reserve funds of Russia for the month decreased.

The volume of Russian funds, which are stored in the savings resulting from high oil prices over the past years, declined slightly in February. This is stated in the official press release of the Ministry of Finance.
On 1 March 2009 the volume of the Reserve Fund stood at 4.87 trillion rubles. A month earlier in the Reserve Fund kept 4,86 trillion rubles. In dollar terms the difference was a larger - 136.33 and 137.34 billion dollars respectively.
The Fund national well-being (FNB) to March 1, accumulated 2996 trillion rubles (83.86 billion dollars). For comparison, March 1, the fund amounted to 2992 trillion rubles (84.47 billion dollars).
From Reserve Fund Russia from January 15 to February 28, received income of 290 million U.S. dollars, or 10.49 billion rubles. At the same time investing in the U.S. have been unprofitable - in dollar terms they have made 0,12 billion dollars, but when converting them into rubles yield was negative 4.12 billion rubles. This is connected with significant fluctuations in the global and Russian markets.
Recall that it is the Reserve Fund and National Prosperity Fund would help the Government of Russia to deal with the budget deficit, which is expected to be eight per cent of GDP. So far, however, the funds did not go (except for money FNB transferred to deposits in Vnesheconombank), as well as a new budget with the revised macroeconomic parameters are not passed the approval of the Government, the State Duma, the Federation Council and President.
Reserve Fund and FNB have been established 1 February 2008 on the basis of Stabilization. Their amount at that time amounted to 3.05 trillion rubles and 783 billion rubles, respectively.

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