Contents tagged with Russian Ministry of Finance
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Russia to cut back on social spending in favor of defense, police and state banks
The Russian Finance Ministry published draft amendments to the federal budget for 2018, in which it, for the second time in the last 6 months, proposes to reduce expenditure on the social articles and to increase funding for the law enforcement and defense departments, state organizations and state banks, finanz.ru reports.
Due to the spike in oil prices and the weak ruble, the budget surplus is five times higher than the initial prediction, at 2.14 trillion rubles instead of the pledged 481.7 …
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Russia loses $16.3 million from National Wealth Fund
The placement of foreign currency reserves in Central Bank accounts continues to result in losses for the Russian Finance Ministry, according to the department’s operational statistics which were published on Thursday, finanz.ru reports.
On August 1, the Central Bank of Russia was managing two thirds of the National Wealth Fund (NWF), which were invested in a basket of foreign currencies – 22.11 billion US dollars, 20.75 billion euros and 4.37 billion pounds sterling.
The investment of these …