the sovereign wealth funds in russia june 2011 alexey moiseev tel: +7 (495) 660 4269
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The Sovereign Wealth Funds in Russia June 2011 Alexey Moiseev Tel: +7 (495) 660 4269 E-mail: alexey . moiseev @ vtbcapital.com. The welfare funds in Russia. Saving and Spending. Source: Ministry of Finance, VTB Capital Research. Source: Ministry of Finance, VTB Capital Research. - PowerPoint PPT PresentationTRANSCRIPT
The Sovereign Wealth Funds in Russia
June 2011
Alexey MoiseevTel: +7 (495) 660 4269E-mail: [email protected]
2
The welfare funds in Russia
3
Saving and Spending
0
200
400
600
2007 2008 2009 2010 2011
Stabilization fund National welfare fund Reserve fund FX Reserves
402
27
93
CBR reserves were spent on gradual RUB depreciation
Reserve fund resources were spent to finance budget deficit
Source: Ministry of Finance, VTB Capital Research
Source: Ministry of Finance, VTB Capital Research
Source: Ministry of Finance, VTB Capital Research
Source: Ministry of Finance, VTB Capital Research
Reserve fund spending structure 2008-2010
National welfare fund spending structure 2008-2010
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Spending during the 2008-2010 crisis vs oil prices
Source: Ministry of Finance, VTB Capital Research
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Source: Ministry of Finance, VTB Capital Research
Source: Ministry of Finance, VTB Capital Research
Reserve Fund – official projections
Will Russian Wealth Funds Marginalize in The Future?
National Welfare Fund - official projections
Will Russian Wealth Funds Marginalize in The Future?
6Source: Ministry of Finance, VTB Capital
Research