Russia's Stabilization Fund set up as a cushion to accumulate windfall oil revenues rose 15% to $103.6 billion since the beginning of 2007

Sunday, October 25, 2020

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Russia's Stabilization Fund set up as a cushion to accumulate windfall oil revenues rose 15% to $103.6 billion since the beginning of 2007, the Finance Ministry said. As of March 1, the Stabilization Fund accrued $44.31 billion, 34.6 bln euros and 5.19 bln pounds. 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 accrued interest treated as investments return on balances on the foreign currency accounts totaled 8.53% since the initial investment in July 2006, the ministry said. The ministry earlier submitted for the Cabinet's consideration proposals on the expansion of the fund's investment structure, which may include in the future the yen, the Canadian dollar, the Swiss franc and corporate bonds. At the same time, the Finance Ministry called Thursday for a cautious approach to investment in volatile securities citing the recent correction on the stock market in China, which has sent shockwaves around the world's financial markets and caused a global equities sell-off. The ministry said earlier that in 2006 Russia's Stabilization Fund grew by almost 90%. The government commission for budget projections said in December last year that the fund is expected to grow to 4.19 trillion rubles (about $159.23 billion) by late 2007.

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