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  Tuesday, August 20, 2019
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Private companies will not be permitted to manage Russia's international reserves,
Private companies will not be permitted to manage Russia's international reserves, which will remain under the Central Bank's control, the finance minister said on Wednesday.

"International reserves last stood at $494 billion, including the Reserve Fund and the National Prosperity Fund on the Central Bank's deposit accounts," Alexei Kudrin said, commenting on recent speculation that private companies could manage the country's international reserves.

Russia's international reserves had reached $494.5 billion as of March 7, up by $3.8 billion since February 29.

However, the official admitted that private companies could eventually manage National Prosperity Fund investments.

Russia's Finance Ministry divided the Stabilization Fund, set up to accrue surplus revenue from record-high world oil prices, into the Reserve Fund and the National Prosperity Fund on February 1.

The Stabilization Fund held 3.852 trillion rubles ($157 billion) as of January 30.

Following the reform, the Reserve Fund, designed to cushion the federal budget in the event of an oil price plunge, totaled 3.082 trillion rubles ($128.3 billion) just after its formation, while the National Prosperity Fund, designed to help Russia carry out pension reforms, held 777.03 billion rubles ($32.4 billion).

Kudrin said the two funds' monetary assets were currently part of Russia's international reserves. If private companies gain access to the National Prosperity Fund, the international reserves will be reduced by the according amount in the latter fund, but will remain under the Central Bank's control, the finance minister said.


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