Reserve Fund soars 120% in Jan, Welfare Fund down 112 bln rubles - Finance Ministry
MOSCOW. Feb 2 (Interfax) - As of February 1, 2012, the Russian Reserve Fund totaled 1.863 trillion rubles ($61.36 billion) while the National Welfare Fund totaled 2.682 trillion rubles ($88.33 billion), a Russian Finance Ministry report says.
As of January 1, 2012, the Reserve Fund had reached 811.52 billion rubles ($25.21 billion) and the National Welfare Fund - 2.794 trillion rubles ($86.79 billion).
In one month the Reserve Fund increased by 1.052 trillion rubles, or more than doubled, while the National Welfare Fund contracted by 112 billion rubles.
Balances on individual Reserve Fund accounts on February 1 stood at 1.090 trillion rubles, $11.08 billion, 9.04 billion euros and 1.58 billion pounds sterling.
The Fund received 1.090 trillion rubles in oil and gas revenues in January.
The federal budget in January received 15.5 billion rubles in revenue from the placement of Reserve Fund assets in Central Bank accounts from January 15, 2011 to January 15, 2012.
The total estimated amount of revenue from placement of Reserve Fund assets in foreign currency accounts at the Central Bank, in the U.S. dollar equivalent, was $0.02 billion, or the equivalent of 0.54 billion rubles, in the period from January 15 to 31, 2012. The exchange rate difference on revaluation of balances on these accounts from January 1 to 31, 2012 was minus 38.83 billion rubles.
Individual NWF accounts at the Central Bank on February 1 held $27.72 billion, 24.20 billion euros and 4.40 billion pounds sterling. In addition, deposits at Vnesheconombank (VEB) held 474.02 billion rubles and $6.25 billion.
Income from deposits of NWF funds totalled 40.78 billion rubles in the period from January 15, 2011 to January 15, 2012, and was transferred to the federal budget. In addition, in January the budget received income of 7.44 billion rubles, or the equivalent of $0.23 billion from NWF deposits at VEB.
The total estimated amount of revenue from placement of NWF assets in foreign currency accounts at the Central Bank, in the U.S. dollar equivalent, was $0.05 billion, or the equivalent of 1.43 billion rubles, in the period from January 15 to 31, 2012. The exchange rate difference on revaluation of balances on these accounts from January 1 to 31, 2012 was minus 100.77 billion rubles. The exchange rate difference on revaluation of NWF dollar deposits at VEB was negative 11.45 billion rubles.
The total income from placement of NWF funds in deposits at VEB in 2011 amounted to 31.05 billion rubles, or the equivalent of $1.04 billion.