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Russia's Reserve, National Prosperity Funds show growth in Nov.

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Russia's Reserve Fund has grown by 88.59 billion rubles ($3.2 bln), while the country's National Prosperity Fund has increased by 440.98 billion rubles ($16 billion) since November 1, the Finance Ministry said on Monday.
MOSCOW, December 1 (RIA Novosti) - Russia's Reserve Fund has grown by 88.59 billion rubles ($3.2 bln), while the country's National Prosperity Fund has increased by 440.98 billion rubles ($16 billion) since November 1, the Finance Ministry said on Monday.

As of December 1, the Reserve Fund totaled 3.661 trillion rubles ($132.63 billion), while the National Prosperity Fund stood at 2.109 trillion rubles ($76.38 billion).

However, due to steady weakening of the ruble and unfavorable exchange rates, the Reserve Fund actually decreased by almost $2 billion in dollar equivalent in November.

The national development bank VEB held 365 billion rubles ($13.3 billion) of the National Prosperity Fund's resources as of December 1, 2008, the ministry said.

The Finance Ministry divided the former Stabilization Fund into the Reserve Fund, designed to cushion the federal budget against a plunge in oil prices, and the National Prosperity Fund, designed to help Russia carry out pension reforms, on February 1 this year.

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