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Gov't approves Reserve Fund deposits in IMF debt instruments
RBC, 10.11.2008, Moscow 13:05:58.The government has approved the placement of money from the Russian Reserve Fund in the International Monetary Fund's debt instruments. The corresponding changes were made to the government's decree on the management of the Reserve Fund. As a result, the funds can be placed in special drawing rights, which the IMF considers when forming and changing Russia's reserve position with the funds. Meanwhile, the total sum transferred during such a transaction cannot be lower than that provided for by the IMF as a minimum sum required for setting an interest rate for using these funds. Money from the Russian Reserve Fund can also be placed in debt obligations of the following financial institutions: the Asian Development Bank, ADB, Council of Europe Development Bank, CEB, European Bank for Reconstruction and Development, EBRD, European Investment Bank, EIB, Inter-American Development Bank, IADB, International Finance Corporation, IFC, International Bank for Reconstruction and Development, IBRD, and Nordic Investment Bank, NIB.
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