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Russia's reserve fund up in October, prosperity fund down

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MOSCOW, November 1 (RIA Novosti) - Russia's Reserve Fund grew in ruble terms from October 1 to November 1 to reach 3.57 trillion rubles ($134.6 billion), while the National Prosperity Fund contracted to 1.66 trillion rubles ($62.8 billion).

The figures were released by the Finance Ministry on Saturday.

The Russian Reserve Fund stood at 3.56 trillion rubles ($140.98 billion) and the National Prosperity Fund amounted to 1.23 trillion ($48.7 billion) on October 1.

The national development bank VEB held 170 billion rubles ($6.3 billion) of the funds' resources as of November 1, 2008, the ministry also said.

Under an October 15 government resolution, VEB can hold up to 40% of the National Prosperity Fund as part of measures to stabilize the country's financial system.

The Finance Ministry divided the former Stabilization Fund into the Reserve Fund, designed to cushion the federal budget against a plunge in oil prices, and the National Prosperity Fund, designed to help Russia carry out pension reforms, on February 1 this year.

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