Central Bank says Reserve Fund to be replenished by 200 bln rubles in 2014
MOSCOW. Dec 16 (Interfax) - Russia's Reserve Fund will be replenished by 200 billion rubles in 2014 if the government places a gross 400 billion rubles in securities, the Central Bank said in quarterly report on the monetary policy.
The report says that this estimate takes into account a slight decrease in oil and gas revenues, as well as increased non-oil and gas revenues relative to the amounts reflected in the federal budget law for 2014-2016.
The amount of funds transferred to the Reserve Fund might fall relative to the specified value depending on the situation with raising deficit financing sources, the document says.
The Finance Ministry is not planning to replenish the Reserve Fund this year, Deputy Finance Minister Alexei Moiseyev said previously at a repo forum. "As you can understand, no petro-allotments are planned this year," he said. The head of the ministry's strategic planning department Maxim Oreshkin said earlier this month that the fund might receive several dozen billion rubles this year.
Russia's Reserve Fund totaled 4.387 trillion rubles, or $88.94 billion, as of December 1, 2014. The fund was 3.886 trillion rubles ($89.55 billion) as of November 1, meaning the Reserve Fund increased by 502 billion rubles in November, reflecting the steep decline in the value of the ruble that month. Since the beginning of the year, the exchange rate difference was 1.31 trillion rubles. The Reserve Fund totaled 2.86 trillion rubles, or $87.38 billion, as of January 1.