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  Tuesday, March 31, 2020
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Russia's Stabilization Fund will grow to 4.19 trillion rubles by late 2007
Russia's Stabilization Fund, established to accrue surplus revenue from high world oil prices, will grow to 4.19 trillion rubles (about $159.23 billion) by late 2007, the government commission for budget projections said Thursday. The commission approved December 28 Russia's updated financial plan for 2007-2009. As of December 15, the Stabilization Fund totaled 2.19 trillion rubles (about $83.43 billion). In accordance with the document, the Stabilization Fund is expected to reach 5.46 trillion rubles (about $207.4 billion) in 2008 and 6.73 trillion rubles (about $255.48 billion) in 2009. The Stabilization Fund's money was initially intended to be invested in the highly liquid debt securities of foreign states but instead is now converted into foreign exchange and placed in Federal Treasury foreign currency accounts with the Bank of Russia, according to this year's government resolution. According to the finance ministry's investment formula, 45% of the Stabilization Fund's foreign currency holdings are in U.S. dollars, 45% in euros, and 10% in British pounds.
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