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Sovereign Wealth Funds Briefing - Categorized | Financials

Weak rouble prompts Russia to delay plan to replenish sovereign fund

Posted on 06 February 2014

The Russian Finance Ministry said on Tuesday it would postpone foreign currency purchases on the forex market to replenish one of its sovereign wealth funds while the rouble is weakening. The ministry said last month it would transfer 207.6 billion roubles ($5.87 billion) of revenues by February 1 to the Reserve Fund, one of the rainy-day funds in which the government saves windfall energy revenues.
The shift could pressure the rouble - already trading near record lows due to a sell-off of emerging market assets - as it would involve converting the revenues from roubles into dollars because the wealth fund is dollar-denominated. “When the central bank every day is taming volatility, we certainly will not harm the central bank,” Deputy Finance Minister Alexei Moiseev told journalists……………………………………….Full Article: Source


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