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07/26/2007

News / Russia earns $3 bln from Stabilization Fund investments over year

MOSCOW, July 26 (RIA Novosti) - Investment of resources from Russia's Stabilization Fund yielded income of 85.13 billion rubles ($3.4 billion) in U.S. dollar terms from July 24, 2006 to July 24, 2007, a government official said Thursday.

Pyotr Kazakevich, head of the Finance Ministry's department for managing the Stabilization Fund, established to accrue windfall oil revenue, said the fund's placements yielded 9.5% per annum in the reporting period.

"Income totaled 85.13 billion rubles, of which 22.9 billion rubles [about $901 million] were earned last year, and the remaining sum this year," Kazakevich said.

According to the Finance Ministry's investment formula, U.S. dollars account for 45% of the Stabilization Fund's foreign currency, euros make up 45%, and 10% is in British pounds.

From 2008, the Stabilization Fund, which totaled $121.7 billion as of July 1, will be transformed into the Reserve Fund and the National Prosperity Fund.

The Reserve Fund, expected to total 10% of Russia's GDP, will cushion the federal budget in the event of an oil price plunge. Oil and gas revenues above this limit will supplement current budget spending, and go to the National Prosperity Fund.
Source: http://en.rian.ru/russia/20070726/69714406.html

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