MOSCOW, December 17 (RIA Novosti) - Russia's Stabilization Fund totaled 3.697 trillion rubles ($150.8 billion) as of December 15, 2007, the Finance Ministry said Monday.
The Stabilization Fund, established to accrue surplus revenues from high world oil prices, will hit 3.836 trillion ($158 billion) as of January 1, 2008, Finance Minister Alexei Kudrin earlier said.
According to the Finance Ministry's investment formula, U.S. dollars account for 45% of the fund's foreign currency, euros make up 45%, and British pounds 10%.
From February 2008, the Stabilization Fund will be divided into the Reserve Fund and the National Prosperity Fund. The Reserve Fund, expected to total 10% of Russia's GDP, will cushion the federal budget in the event of an oil price plunge. Oil and gas revenues above this limit will supplement current budget spending and will go to the National Prosperity Fund.
