Zee Beam News

11–01–2008 – RBC News – Russia’s Reserve Fund reached RUB 3.572 trillion, or $134.6bn, as of November 1, 2008, the Finance Ministry reported. The balances of the fund's foreign currency accounts stood at $64.64 billion, EUR 43.81 billion, and GBP 7.31 billion as of November 1. Since its creation, when the Reserve Fund was worth RUB 3.057 billion, it has increased 16.8 percent. In October, it was up 0.36 percent. Total return on the investment of the Reserve Fund’s assets, as expressed in dollars, amounted to $4.16 billion (RUB 110.36bn) in the period from January 30 to October 31, 2008, including $1.45 billion (RUB 38.50bn), EUR 1.59 billion (RUB 55.65bn), and GBP 370 million (RUB 16.22bn). Exchange rate difference from the revaluation of the balances of the fund’s foreign currency accounts in the period from January 30 to October 31, 2008 reached RUB 54.55 billion (approx. $2bn). The National Wealth Fund stood at RUB 1,667.48 billion, or $62.82bn, as of November 1, according to the Finance Ministry. Of this amount, RUB 170bn (approx. $6.27bn) is deposited with the Bank for Development and Foreign Economic Affairs (Vnesheconombank), including RUB 125 billion (approx. $4.6bn) until December 31, 2019, at an interest rate of 7 percent, and RUB 45 billion (approx. $1.7bn) until December 31, 2013, at an interest rate of 7 percent. In October, the fund added 35.7 percent from RUB 1,228.88 trillion (approx. $47.56bn) as of October 1. The National Wealth Fund was worth RUB 782.8bn (approx. $28.89bn) as of February 1, when it was established, and it has more than doubled since then. RUB 435.77 billion (approx. $16.14bn) of the federal budget’s oil and gas revenues was transferred to the National Wealth Fund in October 2008. As of November 1, the balances of the fund's accounts in the Central Bank stood at RUB 358.12 billion (approx. $13.26bn), $20.41 billion, EUR 14.07 billion, and GBP 2.38 billion; and RUB 170 billion (approx. $6.3bn) in Vnesheconombank. Total return on the investment of the National Wealth Fund’s assets, as expressed in dollars, amounted to $1.09 billion (RUB 28.81bn) in the period from January 30 to October 31, 2008, including $350 million (RUB 9.31bn), EUR 430 million (RUB 15.24bn), and GBP 100 million (RUB 4.26bn). Exchange rate difference from the revaluation of the balances of the fund’s foreign currency accounts in the period from January 30 to October 31, 2008 reached RUB 9.33 billion (approx. $345.56m).