July 3, 2018 / 11:05 AM / 15 days ago

Russia's National Wealth Fund up to $77.11 bln as of July 1

MOSCOW, July 3 (Reuters) - Russia’s National Wealth Fund rose to $77.11 billion as of July 1 from $62.75 billion a month earlier reflecting an influx of state foreign currency purchases carried out in 2017, the finance ministry said on Tuesday.

The finance ministry has injected $6.41 billion, 5.62 billion euros and 1,096 billion pounds worth of the funds it bought on the Russian currency market last year.

In order to lower the dependence of the economy on global oil prices, the finance ministry switched to the so-called fiscal rule mechanism in early 2017.

On Wednesday, the ministry is expected to announce an increase in its purchases of foreign currency to a record high for the next month, a Reuters poll shows. (Reporting by Andrey Ostroukh; editing by Jason Neely)

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