Russia uses Reserve Fund to cover budget deficit third time this year

Russia’s Finance Ministry transferred 390 bln rubles ($6 bln) from the Reserve Fund to the budget in August, thus using the fund to cover the budget deficit for the third time this year.

According to the ministry, the Reserve Fund was down 18% in August to 2.09 trillion rubles ($32.22 bln), while the National Wealth Fund was down 2.5% to 4.719 trillion rubles ($72.78 bln).

 “In August 2016 a part of the Reserve Fund in foreign currency in the amounts of $2.92 bln, €2.46 bln and £310 mln was sold for 390 bln rubles ($6.01 bln), and the proceeds were credited to a single of the federal budget,” the statement said.

In April and May 2016, the Finance Ministry also spent 390 bln rubles ($6.01 bln) in each month from the Reserve Fund to cover the budget deficit. Thus, 1.17 trillion rubles ($18.05 bln) were allocated from the Reserve Fund to cover the 2016 budget deficit.

Source: TASS

Author: zeina

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