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Russia's Stabilization Fund grows 12.8% in January

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Russia's Stabilization Fund as of February 1, 2007, was 2.647 trillion rubles ($99.7 billion), up 12.8%, month-on-month, the Finance Ministry said Thursday.
MOSCOW, February 1 (RIA Novosti) - Russia's Stabilization Fund as of February 1, 2007, was 2.647 trillion rubles ($99.7 billion), up 12.8%, month-on-month, the Finance Ministry said Thursday.

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 earlier that in 2006 the fund grew by almost 90%.

Stabilization Fund resources were initially intended to be invested in the 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.

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