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Russia's Stabilization Fund grows $4 billion in month - ministry

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MOSCOW, April 2 (RIA Novosti) - Russia's Stabilization Fund stood at 2.812 trillion rubles ($108.1 billion) as of April 1, up 3.8%, or $4 billion, from the March 1 figure, the Finance Ministry said Monday.

As of March 1, the fund, set up in 2004 as a cushion against inflation and world market price fluctuations to accumulate windfall oil revenues, totaled 2.709 trillion rubles ($104.1 billion).

As of January 1, 2007, the fund equaled 2.347 trillion rubles ($90.2 billion), so the fund has grown by 465.3 billion rubles ($17.9 billion), or 19.8%, since the start of the year.

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.

The Stabilization Fund is expected to reach 3.691 trillion rubles ($141.9 billion) as of January 1, 2008.

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