The volume of the National Wealth Fund continues to grow in Russia. In October 2020, it showed record growth rates, in rubles ...
According to the official statistics of the Ministry of Finance of the Russian Federation, as of October 1, 2020, the NWF amounted to 13,73 trillion rubles. Meanwhile, on September 1, the NWF had 13,25 trillion rubles, and on August 1, 12,95 trillion rubles. Thus, in October 2020, the NWF as a percentage of GDP reached 12,1%, while in September it showed 11,7%, in August - 11,4%.
For comparison: as of October 1, 2019, that is, a year ago, the NWF of Russia was estimated at 7,92 trillion rubles, which was 7,2% of GDP. That is, over the year we can observe an increase in the volume of the NWF by almost 6 trillion rubles, that is, almost 2 times. And this despite the fact that the Russian Ministry of Finance in August 2020 for the first time since 2017 used funds from the National Welfare Fund to cover the federal budget deficit.
However, it must be understood that the impressive figures for the increase in the volume of the NWF are due, among other things, to currency inflation. In dollar terms, we see a slightly different picture: August 2020 - $ 176,64 billion, September 2020 - $ 177,61 billion, October 2020 - $ 172,34 billion. True, in October 2019, the volume of the NWF in dollars was $ 123 billion, thus over the year the NWF still grew by $ 50 billion on average.
Recall that the National Welfare Fund of Russia (NWF) is a Russian state reserve fund, the funds of which are formed primarily from the surplus income of the oil and gas industry, as well as from the income from managing its own funds. In fact, the fund is a kind of "financial safety cushion" for the Russian state. The NWF funds are managed by the Ministry of Finance of the Russian Federation.
According to the Minister of Finance of the Russian Federation Anton Siluanov, the funds of the NWF will be enough to pay budget expenses for 3 years at an oil price of about $ 20 per barrel.