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National Wealth Fund to exceed $100bn

      RBC, 20.08.2008, Moscow 19:10:06.Russia's National Wealth Fund is expected to amount to over $100bn by the end of 2008, Deputy Finance Minister Dmitry Pankin told a press conference in Moscow today. He said the Ministry had already brought the Reserve Fund's value in line with standards (10 percent of GDP) after it received a transfer of RUB 420bn (approx. USD 17.09bn), while RUB 18bn (approx. USD 733m) had been accrued to the National Wealth Fund. All the forthcoming oil-and-gas-generated budget revenue will now be accrued to the National Wealth Fund until the end of the year, he noted.

      According to Pankin, the Finance Ministry is considering its options for expanding the instrument portfolio for investing national fund money, such as including shares and corporate bonds, among other things. He noted that the ministry continued to follow a conservative strategy of placing national fund resources, but that in the longer term (10-20 years), investments in shares were generating greater value.

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