*Russia's Stabilization Fund hits $127 bln Aug 1 - 1
MOSCOW, August 1 (RIA Novosti)*- The *Russian Stabilization Fund* totaled 3.3 trillion rubles ($127 billion) as of August 1, against 3.1 trillion rubles ($122 billion) on July 1, the Finance Ministry said Wednesday. The fund increased by 123 billion rubles ($4.8 billion) in July. According to the Finance Ministry's investment formula, U.S. dollars account for 45% of the fund's foreign currency, euros make up 45%, and British pounds 10%. >From 2008, the Stabilization Fund will be divided into the Reserve Fund and the National Prosperity Fund. The Reserve Fund, expected to total 10% of Russia's GDP, will cushion the federal budget in the event of an oil price plunge. Oil and gas revenues above this limit will supplement current budget spending and will go to the National Prosperity Fund. [Non-text portions of this message have been removed]
