22 Feb 2011 19:16

Reserve Fund may rise to 1.454 trln rubles in 2011 with oil at $93

MOSCOW. Feb 22 (Interfax) - Russia's Reserve Fund may rise to 1.454 trillion rubles by the end of 2011 with oil priced at $93 a barrel, Prime Minister Vladimir Putin said at a meeting on the scenario assumptions for long-term forecasting of Russia's socioeconomic development in the period to 2030.

"We have 775 billion rubles left in the Reserve Fund [as of the end of 2010], and we haven't exhausted the National Welfare Fund yet. With oil at $93 a barrel, the government's Reserve Fund might rise to1.454 trillion rubles," Putin said.

The government and the Finance Ministry earned 1.600 trillion rubles on investment of Reserve Fund and National Welfare Fund resources, including exchange rate gains, he said.