The National Welfare Fund (NWF) reported a total of 13.541 trillion rubles, equivalent to about $145.224 billion, as of November 1. This amount represented roughly 9% of Russia’s projected GDP for 2023, according to the Ministry of Finance of the Russian Federation. The figure reflects the fund’s overall size and its role in macroeconomic planning for the year.
As of the same date, the NWF comprised 13.541 trillion rubles in total assets, with 6.938 trillion rubles held as liquid assets, largely consisting of balances in accounts at the Bank of Russia. This highlights a considerable liquidity buffer within the fund while maintaining a broader asset mix intended to support long-term fiscal stability.
Comparing with the preceding month, the ruble-denominated portion stored in central bank accounts within the fund’s structure declined from 395.9 million to 261.8 million. The euro holdings decreased from 4.07 billion to 3.67 billion, while yuan remained steady at 508.2 tonnes and 279.7 billion, respectively. These movements illustrate shifts in currency composition driven by market dynamics and exchange rate movements observed over the period.
Consequently, the strengthening of the ruble against several currencies contributed to a dollar-denominated growth in the NWF’s measured size, yet when assessing foreign currency assets on their own, a broader decline persisted. This pattern underscores how exchange rate fluctuations can influence the reported value of multi-currency reserves in real terms.
The NWF stood at 13.6 trillion rubles, or about $140.1 billion, as of October 1 of the current year, representing a slight decrease of 55.3 billion rubles from September 1, 2023. The fund’s share of nominal GDP remained around 9% for the year, reflecting ongoing intentions to preserve macroeconomic resilience amid external market volatility.
In late September, the Russian Finance Minister provided remarks about how the fund’s assets are managed. The fund’s holdings included 4.07 billion euros, 279.77 billion yuan, 508 tons of gold, and 395.9 million rubles, illustrating a diversified reserve structure designed to cushion the economy against shocks and to support long-term fiscal flexibility. These details align with public statements on the strategic allocation framework and the asset mix that authorities aim to maintain.
Additionally, government bodies have periodically reviewed the methodology for calculating oil revenues that feed into the fund, with updates aimed at reflecting market realities and improving the transparency of fiscal planning. These recalibrations are part of ongoing efforts to align the NWF with contemporary economic conditions and to bolster fiscal credibility. (Source: Ministry of Finance, with updates provided in official briefings and subsequent public disclosures.)