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On Investment Management of Reserve Fund and National Wealth Fund’s Assets

4 october 2016 года
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Russia’s Finance Ministry hereby reports on investment management of the Reserve Fund and the National Wealth Fund’s assets over the period from January 1 to September 30, 2016.

Reserve Fund

As at 1 October 2016, the Reserve Fund’s assets totaled RUB 2,037.19bn, or USD 32.26bn in equivalent. The balances of the Reserve Fund separate accounts comprised:

  • USD 14.50bn;
  • EUR 13.15bn;
  • GBP 2.30bn.

Total estimated return on the Reserve Fund’s assets placed in foreign currency accounts with the Bank of Russia as denominated in US dollars for the period from January 15 to September 30, 2016 came to USD 0.25bn, or RUB 15.67bn in equivalent. The exchange rate difference from revaluation of balances of the said accounts for the period from January 1 to September 30, 2016 was a negative value of RUB (-)433.38bn.

National Wealth Fund

In September 2016, in compliance with the Russian Government’s Resolution dd. 19 January 2008 No.18 On Procedure for Managing the Assets of National Wealth Fund, RUB 19.96mn of the Fund’s resources credited to the NWF account were converted into EUR 0.27mn.

As at 1 October 2016, the NWF assets totaled RUB 4,617.54bn, or USD 73.11bn in equivalent, including:

  • USD 19.56bn,
  • EUR 20.76bn, and
  • GBP 3.83bn held in the NWF separate accounts with the Bank of Russia;

2) RUB 195.03bn and USD 6.25bn deposited with Vnesheconombank;

3) USD 3.00bn invested in debt securities of foreign states based on an ad hoc decision by the Russian Government and subject to no long-term credit rating requirements.

4) RUB 112.63bn and USD 4.11bn invested in debt securities issued by Russian legal entities to deliver sustainable infrastructure projects included in the list approved by the Russian Government;

5) RUB 278.99bn invested in preferred shares in credit institutions;

6) RUB 164.43bn deposited with VTB Bank and Gazprombank to finance sustainable infrastructure projects included in the list approved by the Russian Government.

Total estimated return on the NWF assets placed in foreign currency accounts with the Bank of Russia as denominated in US dollars for the period from January 15 to September 30, 2016 came to USD 0.26bn, or RUB 16.65bn in equivalent. The exchange rate difference from revaluation of the Fund’s assets for the period from January 1 to September 30, 2016 was a negative value of RUB (-)602.88bn, including:

  • RUB (-)472.8bn of the balances on foreign currency accounts with the Bank of Russia;
  • RUB (-)60.82bn deposited with Vnesheconombank in US dollars;
  • RUB (-)29.17bn invested in debt securities of foreign states based on an ad hoc decision by the Russian Government and subject to no long-term credit rating requirements.
  • RUB (-)40.00bn invested in foreign currency-denominated debt securities issued by Russian entities to deliver sustainable infrastructure projects included in the list approved by the Russian Government.

In September 2016, the federal budget received RUB 1.52bn (or USD 0.02bn in equivalent) worth of return on investment of the NWF assets in securities issued by Russian issuers to deliver sustainable infrastructure projects included in the list approved by the Russian Government.

Total return on investment of the NWF assets in eligible financial assets minus the assets held in the accounts with the Bank of Russia from January to September 2016 amounted to RUB 25.96bn, or USD 0.39bn in equivalent.

Figures for the amount of the Reserve Fund and the National Wealth Fund, as well as estimated return on investment of the Funds’ assets are calculated at the official foreign exchange rates fixed by the Bank of Russia as of date preceding the reporting one, and at the cross rates calculated based thereon.

Detailed statistics on transactions in the assets of the Reserve Fund and the National Wealth Fund are posted on the Russian Finance Ministry website in the Reserve Fund and National Wealth Fund subsections in Russian and English and are regularly updated.

Source: Press Office of Russia’s Ministry of Finance
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