Contents tagged with National Welfare Fund
The biggest fall of the Russian stock market since the spring of 2020 began to affect the Russian National Welfare Fund (NWF), which has more than a third of its holdings in ruble-denominated assets.
At the end of December, the size of the NWF, where since 2017 Russia has been storing oil revenues, decreased by 320.9 billion rubles ($4.17 billion), reported the Russian Finance Ministry.
Real expenditures from the fund, including infrastructure projects, amounted to only 0.3 billion rubles ($3. …
The de-dollarization of the Russian National Welfare Fund (NWF), announced with fanfare at the St. Petersburg International Economic Forum, immediately resulted in losses.
In June, the Russian Finance Ministry converted its dollar holdings into gold, euro and Chinese yuan and reported a reduction in the NWF’s liquid assets by 363 billion rubles ($4.85 billion), according to the data on the Ministry’s website.
Of the $39.8 billion or 20% of liquid assets that the Fund had at the beginning of …