Russia's Reserve Fund down 18% to 1.83 trillion rubles

10:02, January 12, 2010      

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Russia's Reserve Fund declined by 18percent to 1.83 trillion rubles (60.52 billion U.S. dollars) in last December, said the Finance Ministry on Monday.

Meanwhile as of Jan. 1, 2010, the National Welfare Fund stood still at 2.77 trillion rubles, news agencies reported.

Both established in February, 2008, the Reserve Fund may be used to supplement government finance and pay for debts, while the National Welfare Fund may be used to offset deficiency of retirement pensions.

The ministry said Russia allocated 2.965 trillion rubles from the Reserve Fund to cushion the federal budget over the past year.

In December 2009, it also deposited 2 billion dollars from the National Welfare Fund into Vnesheconombank for profit and investment diversification.

The deposit must be returned by July 1, 2011, said the ministry.

Source: Xinhua
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