In December the Ministry of Finance sold to the Central Bank of the currency from the Reserve Fund ($6,87 billion, €6.44 billion and £1,21 billion) for 966,9 billion rubles Proceeds, the Ministry of Finance was sent to cover the Federal budget deficit in 2016 should be the message of the Ministry, arrived V. Thus, in the last month alone, the government spent from the Reserve Fund is almost the same as for all previous months of 2016.
On January 1, 2017, the Reserve Fund amounted to 972,13 billion RUB At the beginning of last year, the Reserve Fund amounted to 3.64 trillion rubles., that is the year its volume has decreased in 3.7 times. The remnants of the government on accounts with the Central Bank total $7.62 billion, €6, 71 billion and £1.10 billion
Earlier, in 2016, the Finance Ministry implemented three times the Reserve Fund to cover the deficit of the Federal budget: in April, may and August 2016, the Finance Ministry spent from the Fund for 390 billion rubles for these purposes. In total, over eight months of 2016 to Finance the deficit budget has been allocated to 1.17 trillion rubles.
In 2016, the Ministry of Finance planned to spend from the Reserve Fund of 2.14 trillion rubles — this amount was included in the law on budget for 2016. The balance of the Fund at the end of the year coincided with the forecast of Minister of Finance Anton Siluanov. In June, speaking in the Federation Council, he said that by the end of the year the balance of the Reserve Fund will amount to about 900 billion rubles.
The second sovereign wealth Fund — the national welfare Fund (NWF) — in December as in previous months, the financing of the budget deficit was not spent, but declined due to exchange rate revaluations 270 billion rubles to 4.36 trillion rubles, follows from the message of the Ministry of Finance. In just the year 2016 the amount of funds of the NWF declined by nearly trillion — from 5.2 trillion to 4.36 trillion.
In total for the whole year sovereign funds lost 1.4 trillion rubles. in the result exchange rate difference from revaluation of balances in foreign currency accounts of funds in the Central Bank, in dollars, euros and pounds sterling. The reserve Fund has lost from the strengthening of the ruble 531,5 billion rubles., NWF — 861,3 billion rubles Is the other side of ruble — the Russian currency has risen against the dollar by 20%.
At the beginning of 2017, the aggregate amount of the Reserve Fund and national welfare Fund amounted to 5.3 trillion rubles., that is, at least from the end of 2013.
In 2017 to cover the budget deficit apart from borrowing more than 1 trillion rubles is expected due to the use of the Reserve Fund (in the amount of 1.15 trillion) and NWF (in the amount of 668,2 bn). The result is a Reserve Fund by the end of 2017 will be completely exhausted, and NWF will consist of 4.19 trillion rubles of NWF are not spent on financing the budget deficit, and about a third of its volume placed in Vnesheconombank and infrastructure projects.