- Sputnik International
Russia
The latest news and stories from Russia. Stay tuned for updates and breaking news on defense, politics, economy and more.

Russia's Stabilization Fund stands at $66.7bln as of August 1

Subscribe
MOSCOW, August 2 (RIA Novosti) - Russia's Stabilization Fund stood at 1.807 trillion rubles ($66.7 billion) as of August 1, down from 2.066 trillion rubles ($76.9 billion) on July 1, the Finance Ministry said Wednesday.

The fund was established in 2004 to accumulate windfall profits from high oil prices and hold back inflation by neutralizing an influx of petrodollars.

The ministry said 400 billion rubles ($14.8 billion) was converted into foreign currency and transferred to the Federal Treasury's accounts in the Bank of Russia in July in accordance with a government decree on management of Stabilization Fund resources.

On July 26, 140.2 billion ($5.2 billion) in additional funds were transferred to the fund as envisaged in the federal budget.

Deputy Finance Minister Sergei Storchak said earlier that the fund would stand at $72 billion by the end of the year, and that the figure included pre-term repayment of Russia's inherited Soviet debt worth $21.3 billion to the Paris Club of creditor nations.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала