OREANDA-NEWS. July 06, 2012. Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National Wealth Fund as of July 1, 2012.

The Reserve Fund

The aggregate amount of the Reserve Fund was 1 985.45 billion rubles, which is equivalent to 60.50 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:
27.42 billion US dollars
21.45 billion euros;
3.88 billion pounds sterlings.

The aggregate calculated income from placing funds of the Reserve Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to June 30, 2012 was 0.22 billion US dollars, which is equivalent to 7.20 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to June 30, 2012 was a positive value of 83.56 billion rubles.

The National Wealth Fund

The aggregate amount of the National Wealth Fund was 2  810.45 billion rubles which is equivalent to 85.64 billion US dollars including:

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

2)     474.02 billion rubles and 6.25 billion US dollars were deposited with Vnesheconombank.

In June 2012, Vnesheconombank early returned financial resources of the Fund placed on its deposits for extending subordinated loans to OJSC Gazprombank in the amount of 50 billion rubles in accordance with Federal Law dated October 13, 2008 № 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation” given that OJSC Gazprombank early repaid these loans in the said amount.

Subject to Regulations of the Russian Government dated January 19, 2008 № 18 “On the Procedure for Placing Financial Resources of the National Wealth Fund”, the early received funds in the same amount were placed on a new deposit with Vnesheconombank for a period of 4 years at a rate of 6.25% per annum, with interest payments to be made each half a year for Vnesheconombank to purchase OJSC Gazprombank’s shares to improve OJC Gazprombank’s capital structure.

In June of 2012, incomes from placing the National Wealth Fund’s financial resources on Vnesheconombank’s deposits in the amount of 1.20 billion rubles which is equivalent to 0.04 billion dollars were transferred to the federal budget. The aggregate income from placing the Fund’s financial resources on Vnesheconombank’s deposits was 16.67 billion rubles which is equivalent to 0.54 billion US dollars from January to June of 2012.

The aggregate calculated income from placing funds of the National Wealth Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to June 30, 2012, was 0.26 billion US dollars, which is equivalent to 8.65 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts from January 1 to June 30, 2012 was a positive value of 16.01 billion rubles rubles. The exchange rate difference from recalculating funds placed on Vnesheconombank’s deposits in US dollars was 0.54billion US dollars.

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.