MOSCOW Aug 19 Russia keeps buying securities of
U.S. agencies Fannie Mae and Freddie Mac FNM.N FRE.N but at
a lower scale than before, Finance Minister Alexei Kudrin told
reporters on Tuesday.
Kudrin said the ministry considered other investments in its
portfolio riskier at the moment compared to Fannie and Freddie
and added that even if Russia sold its entire bond holding
straight away it would not have made a loss.
Russia held about $100 billion in Fannie Mae, Freddie Mac
and Federal Home Loan Banks' debt at the start of 2008, but last
month the central bank said the investment had been reduced by
about 40 percent with maturing short-term holdings often not
The investments are part of Russia's near-$600 billion forex
and gold reserves.
(Reporting by Toni Vorobyova, writing by Dmitry Zhdannikov;
editing by Amie Ferris-Rotman)