OREANDA-NEWS. October 05, 2010. The Russian Finance Ministry hereby informs you on the results of investing funds of the Reserve Fund and the National Wealth Fund as of October 1, 2010

The aggregate amount of the Reserve Fund was 1 258.26 billion rubles, which is equivalent to 41.39 billion US dollars. Amounts of balances in separate accounts to record funds of the Reserve Fund were:
17.26 billion US dollars
13.73 billion euros;
2.47 pounds sterlings.

Russia’s reserve position in the IMF formed through the Reserve Fund’ financial resources amounted to 991.94 million SDRs.

In September of 2010, financial resources of the Reserve Fund were not used to balance the federal budget.

The aggregate calculated income from placing funds of the Reserve Fund recalculated in dollars for a period from January 15, 2009, to September 30, 2010, was 0.55 billion US dollars, which is equivalent to 16.71 billion rubles. The exchange rate difference from recalculating balances of funds in accounts to record funds of the Reserve Fund in foreign currency for the said period was a negative value of (-)19.34 billion rubles. The exchange rate difference from recalculating funds invested in the reserve position of the Russian Federation in the IMF was-(-) 0.57 billion rubles.

Resolution of the Russian Government dated August 24, 2010 № 649 “On Introducing Changes in Point 12 of Requirements for Financial Assets, in which Monetary Resources of the National Wealth Fund Can be Invested” provides for reducing interest rates on deposits with Vnesheconombank placed through using monetary resources of the National Wealth Fund to finance extending credits by Vnesheconombank to Russian credit institutions from August 25, 2010 from 7 to 6.25 % per annum and from 8.5 to 7.25 % per annum as well as for reducing an interest rate on the deposit in the amount of 30 billion rubles designed to finance extending credits by Vnesheconombank to small and medium-sized enterprises from August 25, 2010 from 8.5 to 6.25 % per annum.

2.75 billion US dollars and 434.02 billion rubles were transferred from the accounts to record funds of the National Wealth Fund to be deposited with Vnesheconombank and out of this amount:
285.61 billion rubles to be deposited for a period up to December 31, 2019, with an interest rate of 6.25% per annum;
118.42 billion rubles to be deposited for a period up to December 25, 2020, with an interest rate of 7.25 per annum
30.00 billion rubles to be deposited for a period up December 25, 2017, with an interest rate 6.25 per annum;
2.75 billion US dollars to be deposited for a period up to October 31, 2011, with a floating interest rate exceeding LIBOR six-month rate by 2.75 percentage points.

The aggregate amount of the National Wealth Fund was 2 .722.15 billion rubles, which is equivalent to 89.54 billion US dollars. Amounts of balances were:

1)     In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:
31.86 billion US dollars;
24.67 billion euros;
4.48 billion pounds sterlings;

2)     On deposits with Vnesheconombank:
434.02 billion rubles
2.75 billion US dollars

The aggregate calculated income from placing funds of the National Wealth Fund recalculated in dollars for a period for a period from January 15, 2009, up to September 30, 2010, was 0.87 billion US dollars, which is equivalent to 26.39 billion rubles. The exchange rate difference from recalculating balances of funds in accounts to record funds of the National Wealth Fund in foreign currency for the said period , was a negative value of (-)3.19 billion rubles. The exchange rate difference from recalculating funds placed on Vnesheconombank’s deposits was – (-)2.71 billion rubles.

Indicators of the aggregate amount 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.

Detailed statistics on transactions with 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.