Russian central bank to manage state oil fund

Russia's central bank has been given the green light to manage the state's fund of oil profits, the Russian minister of finance, Alexey Kudrin, announced earlier this week.

Russian Information Agency Novosti reported that the government has built up an estimated $80 billion from profits of state-owned oil companies known as the "stabilisation fund". This fund will be placed at the central bank with a currency allocation of 45% in dollars, 45% in euro and 10% in sterling, Kudrin said during his

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