As of March 1, 2009 the aggregate amount of the Reserve Fund was 4 869.74 billion rubles, which is equivalent to 136.33 billion US dollars. As of March 1, 2009, amounts of balances in separate accounts to record funds of the Reserve Fund were:

• 63.99 billion US dollars;
• 45.66 billion euros;
• 9.65 pounds sterling;

As of March 1, 2009 Russia’s reserve position in the IMF formed by way of using the Reserve Fund’s financial resources amounted to 446.88 million SDRs.

The aggregate calculated income from placing funds of the Reserve Fund recalculated in dollars for a period from January 15, 2009 to February 28, 2009 was 0.29 billion US dollars, which is equivalent to 10.49 billion rubles. Calculated interest income (loss) from placing funds of the Reserve Fund into foreign currency accounts was (in currency of account and in the ruble equivalent): - 0.12 billion US dollars (- 4.12 billion rubles); 0.25 billion euros (11.36 billion rubles); 0.06 billion pounds sterling (3.25 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 February 28, 2009, was a positive value of 443.87 billion rubles.

Under Russian Government Resolution dated December 29, 2007 N 955 “On the Procedure for Managing Funds of the Reserve Fund” in February 2009, the amount of incomes from placing funds of the Reserve Fund for a period from January 30, 2008 to January 15, 2009 was converted into foreign currency in the amount of 205.05 billion rubles, with this amount being transferred in January 2009 into the account to record funds of the Reserve Fund.

In accordance with Resolution N 766, as of March 1, 2009, 417.10 billion rubles were transferred from the account to record funds of the National Wealth Fund and to be deposited with Vnesheconombank and out of this amount:

• 242.10 billion rubles to be deposited for a period up to December 2019 with an interest rate of 7% per annum, including in February 2009 – 6.90 billion rubles;
• 175.00 billion rubles to be deposited for a period of up to October 21, 2013 with an interest rate of 7%.

As of March 1, 2009, the aggregate amount of the National Wealth Fund was 2995.51 billion rubles, which equivalent to 83.86 billion US dollars. As of March 1, 2009, amounts of balances were:

1) in separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

• 19.39 billion rubles;
• 34.33 billion US dollars;
• 24.42 billon euros;
• 4.44 billion pounds sterling

2) on deposits with Vnesheconombank

• 417.10 billion rubles

The amount of income from placing funds of the National Wealth Fund into Bank of Russia accounts for a period from January 15, 2008 to February 28, 2009 was 0.15 billion US dollars which is equivalent to 5.45 billion rubles. Calculated interest income (loss) from placing funds of the National Wealth Fund into foreign currency accounts was (in currency of account and in the ruble equivalent): - 0.06 billion US dollars (- 2.18 billion rubles); 0.14 billion euros (6.15 billion rubles); 0.03 billion pound sterling (1.48 billion rubles). The exchange rate difference from recalculating balances of funds in the accounts to record funds of the National Wealth Fund in foreign currency for a period from January 15, 2009, to February 28, 2009 was a positive value of 241.74 billon rubles.

Under Russian Government Resolution dated January19, 2008, N 18 “On the Procedure for Managing Funds of the National Wealth Fund” in February, 2009, a part of incomes from placing funds of the National Welfare Fund into in accounts with the Bank of Russia was converted into foreign currency for a period from January 30, 2008  to January 15, 2009, in the amount of 26.92 billion rubles, with this amount being transferred in January 2009 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.

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 January 2009, in the amount of 179.11 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.

Origin: Press Service of Russia’s Finance Ministry