RIA NOVOSTI. The Reserve Fund of the Russian Federation fell 0.4% to Rub 745.71 bln from Rub 748.53 bln in April, and the National Welfare Fund (NWF) dropped 0.6% from Rub 2.61 tln to Rub 2.59 tln, RIA Novosti wired on Tuesday quoting the Finance Ministry of Russia.
“As of May 1, 2011 the aggregate amount of the Reserve Fund totaled Rub 745.71 bln that is equivalent to $27.11 bln… As of May 1, 2011 the aggregate amount of the National Welfare Fund (NWF) came to Rub 2.59 tln or $94.34 bln," the news agency reported.
The Reserve Fund’s resources are distributed as follows: $11.08 bln, €9.04 bln and £1.58 bln.
The aggregate estimated amount of income derived from funds deposited by the Reserve Fund on currency accounts at the Bank of Russia, recalculated into US dollars, came to $400 mln (Rub 1.08 bln) from January 15 through April 30, 2011. The exchange difference from the revaluation of balances held in foreign currencies on accounts designated to keep records of Reserve Fund resources was negative (Rub 29.20 bln) from January 1 till April 30.
In order to co-finance the formation of pension accruals of insured individuals who made additional insurance contributions to the cumulative part of labor pensions in 2010, some of NWF’s funds held on currency accounts at the Bank of Russia ($50 mln, €40 mln and £10 mln) were sold at Rub 3.40 bln, and funds received were credited to the account designed to keep records of federal budget funds.
Separate accounts of CBR designed for financial resources of the National Welfare Fund (NWF) totaled $28.25 bln, €24.60 bln and £4.47 bln. A total of Rub 437.02 bln was placed on deposit accounts opened at Vnesheconombank, including Rub 285.61 bln put on deposits to be closed no later than December 31, 2019 at 6.25%; Rub 118.41 bln on deposits due no later than December 25, 2020 at 7.25% and Rub 30 bln on deposits subject to the return no later than December 25, 2017 at 6.25%. Also, Rub 3 bln was placed on a deposit account to be closed on May 29, 2020 at an interest of 6.25%.
In addition, the following amounts were placed on VEB’s deposits: $6.25 bln, including $2.75 bln on deposits repayable no later than October 31, 2011 at a floating interest rate exceeding 6-month LIBOR by 2.75%, and $3.50 bln on a deposit account to be closed on December 13, 2012 at a floating interest rate exceeding 6-month LIBOR by 3%.
