Russia's Reserve Fund shrinks most in over four years as budget gap widens
Value of fund falls US$8b in February to US$77.1b, lowest since Dec 2010
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Moscow
RUSSIA's Reserve Fund, one of the country's two sovereign wealth funds, dropped last month the most in more than four years as the government unsealed it to cover a widening budget deficit.
The value of the fund fell US$8 billion in February to US$77.1 billion, the lowest since Dec 2010, as the Finance Ministry used its maximum yearly allowance of 500 billion roubles (S$11 billion) for budget financing, according to a statement by the ministry on Tuesday. The fund disposed of US$3.6 billion, 3.1 billion euros (S$4.7 billion) and £510 million (S$1.1 billion).
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