MOSCOW, October 6 (RIA Novosti) - Russia's Stabilization Fund has grown by $4.5 billion since September 1, the Finance Ministry said Thursday. The fund aggregated 960.7 billion rubles ($33.68 billion) as of October 1, against 832.1 billion rubles ($29.18 billion) September 1. It is expected to reach 1.318 trillion rubles ($46.21 billion), more than double last year's 522.3 billion rubles ($18.31 billion), by the end of the year.
The fund was set up in 2004 to cushion the Russian economy against a possible drop in world oil prices and to curb inflation. This year, all oil tax revenues greater than $20 per barrel have gone to expand the fund whereas those below $20 have been put into the treasury coffers to finance budget programs.
Starting January 1, 2006, the threshold will be raised to $27.
