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Russia’s Reserve Fund down 70 percent in 2016

January 10, 18:52 UTC+3

The National Wealth Fund fell 16.6% in 2016

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MOSCOW, January 10. /TASS/. Russia’s Reserve Fund dropped 73.3% to 972.1 bln rubles ($16.2 bln) in 2016 and the National Wealth Fund (NWF) fell 16.6% to 4.4 trillion rubles ($73.3 bln) in 2016, the Russian Finance Ministry said on Tuesday.

The Reserve Fund plummeted 58.2% in December 2016 to 972.1 bln rubles ($16.2 bln). The National Wealth Fund (NWF) declined 5.8% to 4.4 trillion rubles ($73.3 bln) in the same period.

A portion of Reserve Fund’s resources in foreign exchange held at accounts with the Bank of Russia and amounting to $6.9 bln, 6.4 bln euro and 1.2 bln pounds sterling were sold for 966.9 bln rubles ($16.1 bln) in December 2016 and earned funds were credited to the federal budget, the Ministry reported.

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