MOSCOW, January 10 (RIA Novosti) - Russia's Stabilization Fund, set up to accumulate windfall oil revenues, rose 7% month-on-month to reach 2,346.92 billion rubles as of January 1, or $88.7 billion at the current exchange rate, the Finance Ministry said Wednesday.

The government commission for budget projections approved on December 28 Russia's updated financial plan for 2007-2009. According to the document, the Stabilization Fund is expected to reach 5.46 trillion rubles (about $207.4 billion) in 2008, and 6.73 trillion rubles (about $255.48 billion) in 2009.

The Finance Ministry said that in 2006 the fund grew by almost 90%.

Stabilization Fund resources were initially intended to be invested in highly-liquid debt securities of foreign states, but instead are now being converted into foreign currency and placed in Federal Treasury forex accounts with the Central Bank.

According to the Finance Ministry's investment formula, U.S. dollars account for 45% of the Stabilization Fund's foreign currency, euros make up 45%, and 10% is in British pounds.