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Russia reserve fund dips to $77.18 billion |
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Russia said its Reserve Fund decreased 2.4% to $77.18 billion, while the National Welfare Fund shrank 1.9% to $93.38 billion in October.
The Reserve Fund was set up to cushion the federal budget against a fall in oil prices, and the National Welfare Fund is intended to help the government carry out pension reforms.
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The Finance Ministry said it did not channel money from the Reserve Fund to balance the federal budget in October largely due to high oil prices, with Russia's Urals oil blend hitting a historic high of $72.5 per barrel for 2009.
As of October 1, the Finance Ministry channeled a total of $67 billion from the Reserve Fund to balance the federal budget, including $10.3 billion in September.
In line with budget policy guidelines for 2010-2012 approved by the government in July, a total of $95.5 billion, or 7.9% of the country's GDP, will be spent on covering the budget deficit this year.
Russia's Reserve Fund is expected to fall to $50 billion by the end of the year and run out entirely in 2010, while the National Welfare Fund will fall to $91 billion by the end of the year and down to $3 billion by the end of 2012.
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| Technical Calls |
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Gold can touch $1,225 per ounce by next week |
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What Eric is saying here also lies in the shortening of the steps in the stair step gold action. At new highs, such as now, this formation is a rare set up suggesting an exponential rise.
Rev. Doug, who is no slouch when it comes to gold, anticipat |
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Gold price will double $1,150: Jim Rogers |
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The most bullish investor on gold these days seems to be the global commodities investor Jim Rogers. Rogers, based in Singapore, and a big investor in the Chinese commodities market says, gold price should double the current $1,150 per ounce level. |
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Gold price to average $1,140: Barclays Capital |
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Barclays Capital says gold prices will average $1,140 per ounce in 2010, says Barclays Capital. "We expect prices to maintain their upward momentum through to at least the first half of 2010, where we expect prices to average $1,140 in the second qu |
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Crude oil futures continued to trade down in mid London trade Friday as the US dollar strengthened against the major currencies apart from a dip in the global equities. |
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Gold futures fell in negative zone as dollar gathered some strength in mid London trades. Dollar typically strengthens when there are less data releases from US. |
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MCX Comdex was up by 2.35% to 2694.17. MCX Energy was down by 0.22% to 2651.55, MCX Metal was up by 3.70% to 3226.02 and MCX Agri was up by 4.84% to 2255.10. |
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