Russian President Vladimir Putin is seen on the screen at a session of the Fair Russia: Fatherland/Pensioners/Life party.
Photo: Mikhail Razuvaev
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Govt to Invest in Blue Chips No Earlier than in 2008
Russian President Vladimir Putin has buried an idea of investing Stabilization Fund money in the equity market, saying late last week that only money from the pension fund and some other funds could be invested in blue chips. However, it would happen no earlier than in 2008 as the presided called to be “careful” in investing.
Russia has amassed $386.3 billion in foreign reserves and $113.7 billion in its Stabilization Fund, which is invested in bonds denominated in dollars, euros and British pounds.
The president earlier told a Cabinet meeting that the government should consider buying Russian “blue chips” with excess oil revenue instead of foreign securities.
Vladimir Putin clarified last Thursday his stance on an initiative to invest money from the country’s stabilization fund in Russian stocks. President Putin said that stabilization fund would not be invested in Russian stocks. “No one was ever” planning to put money from the stabilization fund into Russia’s equity markets, he told reporters in Luxembourg. Money from the state’s pension fund and other development funds could one day be invested “carefully in connection with blue chips.”
Still, words about development funds leave some space for advocates of investments into Russia’s equity market. Total investments in the two development funds, the Bank of Development, created on the base of Vneshekonombank, and the Nanotechnology State Corporation, are to exceed $13 billion by 2008. However, some of the money could go to the equity market no early than in spring 2008.
www.kommersant.com
All the Article in Russian as of May 28, 2007
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