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Russia's Stabilization Fund on strong footing
RBC, 19.11.2008, Moscow 13:28:13.As of November 17, Russia's Reserve Fund stood at $131.26bn and the National Wealth Fund at $61.16bn, Deputy PM and Finance Minister Alexei Kudrin told a 'government hour' meeting at the State Duma today. He noted that not once had the Stabilization Fund shrunk, but rather only increased after the government began investing its cash resources. The average total annual interest received from placing the Stabilization Fund's (the Reserve and the National Wealth funds combined) resources amounted to 10.7 percent between 2004 and 2008, as denominated in dollars. Kudrin also stressed that money from both funds was being placed with the Central Bank according to a conservative currency breakdown: 45 percent in dollars, 45 percent in euros, and 10 percent in pounds sterling. He also reiterated that the Reserve Fund was to be maintained at a level equal to 10 percent of GDP.
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