Russia’s Reserve Fund dropped the most in more than four years last month as the government unsealed one of the country’s two sovereign wealth funds to cover a widening budget deficit.
The holdings shrank $8 billion to $77.1 billion, the lowest since December 2012, as the Finance Ministry used its maximum yearly allowance of 500 billion rubles ($8 billion) for budget financing, according to a Tuesday statement by the ministry in Moscow. The fund disposed of securities equal to $3.6 billion, 3.1 billion euros ($3.5 billion) and 510 million pounds ($769 million)..............................................Full Article: Source
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