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Sovereign Wealth Funds Briefing - Categorized | Financials, Reserve Currencies

Putin’s $50 Billion Oil Cache Gives Russia Luxury to Ignore ECB

Posted on 15 March 2016

Russian central bankers have fewer reasons to offer relief to their recession-wracked economy than you might think. Their decision whether to resume an interest rate-cutting cycle this week is almost beside the point as the government of Vladimir Putin lubricates the economy in the background with oil wealth amassed in better times.
The Finance Ministry transferred 2.6 trillion rubles ($37 billion) of accumulated oil riches from the $50 billion rainy-day sovereign wealth fund into the economy last year to cover a fiscal gap. It’s budgeting another 2 trillion-ruble drawdown from the Reserve Fund in 2016………………………………………..Full Article: Source


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