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Russia's Reserve Fund grows to $16.34 bln as of May 1
April 4, 2017 / 10:52 AM / 7 months ago

Russia's Reserve Fund grows to $16.34 bln as of May 1

MOSCOW, May 2 (Reuters) - Russia’s Reserve Fund increased slightly to $16.34 billion as of May 1 from $16.19 billion a month earlier, finance ministry data showed on Tuesday.

The size of the fund, accumulated over years of high oil prices, dropped sharply in late 2016 because of year-end budget spending, but it has stabilised in the last few months.

Its value also changes due to market fluctuations as its holdings are denominated in different currencies including dollars, euros and pounds sterling.

The fund may grow in size later this year as the finance ministry has started buying foreign currency for the country’s fiscal buffers.

The finance ministry also said on Tuesday that the National Wealth Fund, which is designed to help balance the pension system, stood at $73.57 billion as of May 1 versus $73.33 billion as of April 1. (Reporting by Alexander Winning; Editing by Hugh Lawson)

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