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Sovereign Wealth Funds Swell by $1.73Bln in August

The government's two sovereign wealth funds swelled by 58 billion rubles ($1.73 billion) last month to reach a combined $172.15 billion despite slumping economic growth and depreciating ruble, the Finance Ministry said Tuesday.

The aggregate size of Russia's Reserve Fund as of Sept. 1 was 2.83 trillion rubles ($85.38 billion), while the National Prosperity Fund had 2.88 trillion rubles, the ministry said, Interfax reported.

As reported earlier, the Reserve Fund had 2.8 trillion rubles and the National Prosperity Fund had 2.85 trillion rubles as of Aug. 1. Therefore, the funds have been augmented by 31.56 billion rubles and 26.75 billion rubles, respectively, over the past month.

Also, the ministry said that as of Sept. 1, the remaining balances on individual bank accounts were $38.08 billion, 29.40 billion euros and £5.40 billion.

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