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Russia's Stabilization Fund up $4.6 billion

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MOSCOW, November 10 (RIA Novosti) - The level of Russia's Stabilization Fund has reached 1.09 trillion rubles ($37.8 billion) as of November 1, the Finance Ministry said in a report on federal budget performance in January-October 2005.

The Fund, created to accumulate windfall oil revenues, increased by 133.8 billion rubles ($4.6 billion) from 960.7 billion rubles ($33.3 billion) as of October 1.

On January 1, 2005, the Fund initially received 218.4 billion rubles ($7.58 billion). At the end of that month, 93.5 billion rubles ($3.24 billion) were taken from the Stabilization Fund to pay off a debt to the International Monetary Fund ahead of schedule.

In Q1 2005, the Fund was replenished with 210.8 billion rubles ($7.3 billion) of budget revenues; in Q2 with 294.4 billion rubles ($10.2 billion); and 373.5 billion rubles (about $13 billion) in Q3.

The government also used revenues from the Fund to pay part of Russia's debts to the Paris Club, i.e. 430.1 billion rubles ($14.9 billion), ahead of time.

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