OREANDA-NEWS. October 2, 2009. Russia’s Reserve Fund totaled RUB 2.29 tn (USD 76.37 bn) as of October 1, 2009, i.e. down RUB 409 bn over the past month, the Russian Finance Ministry said in a press release posted on its website (www.minfin.ru). As of September 1, 2009 the Reserve Fund was equal to RUB 2.70 tln (USD 85.74 bn).

The ministry said in the press release a total of RUB 2.02 tn was allocated by the Reserve Fund to cover the budget deficit. Since March 2009 the finance ministry has begun to wire money from the Reserve Fund to the Federal Treasury Office to plug a budget defict which, according to the ministry’s estimates, will equal RUB 3.41 tn or 8.9% of GDP in 2009, and 9.2-9.3% of GDP taking into account cash to be spent from the National Welfare Fund to support the banking sector.