Russia's Reserve Fund down in March to $121.5 billion

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MOSCOW, April 1 (RIA Novosti) - Russia's Reserve Fund went down in March to 4.117 trillion rubles ($121.5 billion), and National Welfare Fund reduced to 2.915 trillion rubles ($86 billion), the Finance Ministry said Wednesday.

The falls over the month were 750 billion rubles ($22.1 billion) and 80 billion rubles ($2.4 billion), respectively.

The Reserve Fund is designed to cushion the federal budget against a fall in oil prices, and the National Welfare Fund was set up to help the government carry out pension reforms.

Russia has been hard hit by the global financial crisis, with unemployment rising and the ruble losing about 40% of its value against the dollar amid a drastic decline in oil prices, Russia's most important export.

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