Russian Reserve Fund grows by 29 bln rubles, Welfare Fund up 50 bln rubles in June
MOSCOW. July 1 (Interfax) - Russia's sovereign Reserve Fund contained 1.227 trillion rubles in ruble equivalent ($39.32 billion) as of July 1, up from 1.198 trillion rubles ($39.27 billion) on June 1, 2010, the Finance Ministry said.
The National Welfare Fund contained 2.666 trillion rubles ($85.47 billion), up from 2.617 trillion rubles ($85.80 billion).
Reserve Fund assets were not used for budget-balancing purposes in June.
Individual Reserve Fund accounts contained $18.07 billion, EUR 12.42 billion, and GBP 3.04 billion as of July 1. Russia's reserve position at the International Monetary Fund (IMF), backed by Reserve Fund assets, was 991.94 million SDR on July 1.
Returns from investing Reserve Fund assets were $390 million in dollars (12.29 billion rubles) in the period January 15-June 30. The exchange-rate conversion difference was negative 50.20 billion rubles. The exchange-rate conversion difference for monies in Russia's IMF reserve position was negative 0.25 billion rubles.
As of July 1, individual accounts backed by Welfare fund assets with the Central Bank held $31.86 billion, EUR 24.67 billion, and GBP 4.48 billion pounds, and in deposits with Vnesheconombank (VEB) - 434.02 billion rubles and $2.75 billion.
Returns on Welfare Fund investments in dollars for the period January 15 to June 30 came to $0.59 billion, or 18.45 billion rubles. The exchange-rate conversion difference on foreign currency funds for the period was negative 61.11 billion rubles, and the exchange-rate difference on deposits with VEB was negative 4.89 billion rubles.