OREANDA-NEWS. February 4, 2009. The amount of income from placing funds of the Reserve Fund for a period from January 30, 2008 to January 15, 2009 was 205.05 billion rubles and in accordance with Russia’s Finance ministry Order dated February14, 2008 N 25n was transferred to the account to record funds of the Reserve Fund.

Calculated interest income from placing funds of the Reserve Fund into foreign currency accounts was in currency of account: in US dollar account – 3.90% per annum, in euro account – 5.94% per annum, in pound sterling account – 9.85% per annum. The exchange rate difference from recalculating balance of funds in the said accounts in foreign currency for a period of January 30, 2008 to January 15, 2009 was a positive value of 697.03 billion rubles. These indicators were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of January 15, 2009 and cross rates calculated on the basis of the said exchange rates.

As of February1, 2009 the aggregate amount of the Reserve Fund was 4 863.80 billion rubles, which is equivalent to 137.34 billion US dollars. As of February1, 2009, amounts of balances in separate accounts to record funds of the Reserve Fund were:
205.05 billion rubles
63.99 billion US dollars;
43.81 billion euros;
7.31 pounds sterling;

As of January1, 2009 Russia’s reserve position in the IMF formed by way of using the Reserve Fund’s financial resources amounted to 0.45 billion SDR.

The aggregate calculated income from placing funds of the Reserve Fund recalculated in dollars for a period from January 15, 2009 to January 31, 2009 was 0.01 billion US dollars, which is equivalent to 0.32 billion rubles. The exchange rate difference from recalculating balances of accounts to record funds of the Reserve Fund in foreign currency for a period from January 15, 2009 to January 31, 2009, was a positive value of 437.63 billion rubles.

The amount of income from placing funds of the National Wealth Fund into Bank of Russia accounts for a period from January 30, 2008 to January 15, 2009 was 63.41 billion rubles and in accordance with Russia’s Finance Ministry Order date February 14, 2008 N 25n was transferred to the account to record funds of the National Wealth Fund.

Calculated interest income from placing funds of the National Wealth Fund into foreign currency accounts was in currency of account: in US dollar account – 3.90% per annum, in euro account – 5.94 per annum, in pound sterling account – 9.85%. The exchange rate difference from recalculating balances of funds in the said accounts in foreign currency for a period from January 30, 2008, to January 15, 2009 was a positive value of 314.73 billon rubles. These indicators were calculated on the basis of official exchange rates set by the Bank of Russia as of January 15, 2009 and cross rates calculated on the basis of the said exchange rates.

In accordance with Resolution N 766, as of February 1, 2009, 410.20 billion rubles were transferred from the account to record funds of the National Wealth Fund to be deposited with Vnesheconombank and out of this amount:
235.20 billon rubles to be deposited for a period up to December 31, 2019, with an interest rate of 7% per annum;
175.00 billion rubles to be deposited for a period up October 21, 2013, with an interest rate of 7% per annum including 35.00 billion rubles in December.

Under Russian Government Resolution dated January19, 2008, N 18 “On the Procedure for Managing Funds of the National Wealth Fund” in January 2009, incomes from placing funds of the Fund into deposits with Vnesheconombank in the amount of 2.63 billion rubles were transferred into the account to record funds of the National Wealth Fund. All conversion transactions in funds of the National Wealth Fund were conducted in conformity with the currency structure approved earlier and didn’t have any impact on the conditions of the foreign exchange market.

As of February1, 2009, the aggregate amount of the National Wealth Fund was 2 991.50 billion rubles, which is equivalent to 84.47 billion US dollars. As of February 1, 2009, amounts of balances were:

1)      in separate accounts to record funds of the National Wealth Fund with the Bank of Russia:
53.21 billion rubles
33.99 billion US dollars;
24.16 billion euros;
4.39 pounds sterling;

2)      on deposits with Vnesheconombank
410.20 billion rubles.

The aggregate calculated income from placing funds of the National Wealth Fund recalculated in dollars for a period from January 15, 2009 to December 31, 2009 amounted to 0.01 billion US dollars, which is equivalent to 0.27 billion rubles. The exchange rate difference from recalculating balances of accounts to record funds of the National Wealth Fund in foreign currency for a period from January 15, 2009 to January 31, 2009was a positive value of 237.72 billion rubles.

Indicators of aggregate amounts of the Reserve Fund and the National Wealth Fund as well as of calculated incomes from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Under the Budget Code of the Russian Federation, oil and gas revenues of the federal budget for December 2008, in the amount of 243.62 billion rubles were transferred to the account to record funds of the Federal budget. Under the Russian Government Resolution dated December 17, 2007, N 892 ‘On Making Settlements and Transferring Funds to Form and Use Oil and Gas revenues of the Federal Budget, Oil and Gas Transfer, Funds of the Reserve Fund and the National Wealth Fund”, the abovementioned oil and gas revenues were transferred to the account to record funds received from oil and gas revenues of the federal budget and were later used to finance oil and gas transfer in full.

Detailed statistics on transactions in funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “The Reserve Fund” and “The National Wealth Fund” in appropriate subsections in Russian and English, the statistics is updated on a regular basis.