Contents tagged with Reserve Fund of Russia
In an official press release, The Russian Ministry of Finance has stated that that Russia’s Reserve Fund was completely depleted in December 2017, and will cease to exist beginning February 1, 2018.
"In December 2017 ... the balance of the Reserve Fund in foreign currency on accounts with the Bank of Russia ($7.62 billion, 6.71 billion euros and 1.10 billion pounds sterling) was fully used to cover the deficit of the federal budget," the report said.
As follows from the Russian agency’s …
As of January 1, 2018, the Reserve Fund of Russia no longer exists. In early December there was about $17 billion remaining in the fund, but it was decided that it would be combined with the National Welfare Fund and all additional revenues from the oil and gas industry would be sent there, reports news agency Rosbalt.
The reserve fund was established in 2008. It was to become a source to finance the budget deficit in the event of a sharp drop in treasury revenues. At its peak - in mid-2008 - …