Rate of spending of Reserve Fund will double

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According to the Bank of Russia, the pace of spending money from the Reserve Fund will be doubled: from 0.8 trillion rubles ($12 billion – RRT) in the first half of 2016 to 1.6 trillion rubles ($24 billion – RRT) in the second.

“In the baseline scenario, with the federal budget deficit of 3.5% of GDP, we need to use 2.4 trillion rubles from the Reserve Fund, 0.8 trillion rubles of which have already been used in April – May 2016. Therefore, the money flow into the banking sector during the second half of 2016 could reach 1.6 trillion rubles,” the published document says.

Thus, according to the Central Bank, by the end of the year the Reserve Fund might only contain 160 billion rubles ($2.4 billion – RRT).

Source: finanz.ru