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Fin. Min. Counts Stabilization Money
The Finance Ministry yesterday revealed the income from stabilization fund money placement. It has earned 10.94 percent in dollars, or $6.2 billion. The fund failed to take into account a loss of 58.59 billion rubles from differences in foreign exchange rate, however. The total value of the fund on December 15 was 3.7 trillion rubles, up 1.1 trillion rubles from the beginning of the year. Analysts say the ministry's big success with the fund comes thanks to fluctuating exchange rates and note that no information on ruble income was released.
The stabilization fund had the following currency structure on December 15: $60,75 billion, ˆ46,71 billion and £7,03 billion. According to deputy director of the Finance Ministry department of international financial relations, state debt and state financial assets Petr Kazakevich, income on the dollar holdings was 6.12 percent annually, on the euro holdings 3.47 percent and on the pound sterling holdings 5.35 percent.
Analysts are unimpressed with the fund's financial results, pointing out that the purpose of the fund is to keep money and not make money and that the information released is incomplete. They also suggested that the income was made by chance. “No one has formulated yet what money is placed in the stabilization fund for, or for how long, or with what risks or what income,” commented Goldman Sachs' Rory Macfarquhar. Audit Chamber auditor Valery Goreglyad commented on the stabilization fund income that “a more complex task is managing the income competently.”
www.kommersant.com
All the Article in Russian as of Dec. 18, 2007
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