Russian stabilization Fund to hit $150 bln in 2007 - Finance Ministry
(RIA Novosti) - Russia's Stabilization Fund will top 4.065 trillion rubles ($150.31 billion) in 2007, a source in the Finance Ministry said Wednesday.
The fund, established in 2004 to accumulate windfall profits from oil prices and hold back inflation by neutralizing an influx of petrodollars, will stand at 5.343 trillion rubles ($197.5 billion) in 2008 and 6.419 trillion rubles ($237.3 billion) in 2009, the source added.
Latest forecasts put the Stabilization Fund's earnings in 2006 at 1.651 trillion rubles ($61.05 billion), against the initially forecasted figure of 857.5 billion rubles ($31.7 billion), reports Trend.
As of June 1, 2006, the fund stood at 1.929 trillion rubles ($71.33 billion) and is expected to reach 3 trillion rubles ($110.9 billion) by the year's end.