MOSCOW, Feb 2 (Reuters) - Russia’s National Wealth Fund, which is designed to help balance the pension system, rose to $66.26 billion as of Feb. 1 from $65.15 billion as of Jan. 1, the finance ministry said on Friday.
The ministry said the fund’s dollar deposits with state development bank VEB in the amount of $6.25 billion were converted into Russian roubles in January and totalled 352.65 billion roubles. After the conversion, the deposit’s interest rate was set at 2.86 percent per annum.
Earlier this year, the finance ministry said it fully drained its Reserve Fund to plug budget holes by the end of 2017, ahead of switching to a new budget mechanism that would insulate the oil-dependent economy from swings on global commodity markets.
The ministry said it had decided to terminate the Reserve Fund after converting the funds denominated in foreign currency it held in the fund into roubles and channelling more than 1 trillion roubles of those funds into the budget in late 2017. ($1 = 56.0455 roubles) (Reporting by Darya Korsunskaya; Writing by Andrey Ostroukh; Editing by Maria Kiselyova)