The volume of the National Welfare Fund grew in August to 13,195,195 trillion rubles

The volume of the National Welfare Fund (NWF) at the end of August reached 13.195 trillion rubles (5.6 percent of expected GDP), which is 474 billion more than the month before. This is stated in a message on the website of the Russian Ministry of Finance.

Meanwhile, in dollar terms, the amount decreased by $5.15 billion, to 154.145 billion. This dynamics is explained by a significant weakening of the national currency, which increased the cost of gold and yuan in rubles.

The fund's liquid assets, that is, available for immediate use, increased to 3.998 trillion rubles against 3.693 trillion in July, in dollar terms from 46.242 billion to 45.705 billion. The volume of yuan in the accounts of the National Welfare Fund decreased from 189.68 billion to 183.996 billion, and the volume of gold - from 141.242 tons to 131.488 tons.

Earlier, Deputy Prime Minister Alexander Novak did not rule out that the cut-off price in the budget rule would be lowered from $59 to $50, which would allow more oil revenues to be sent to the National Welfare Fund.

The cut-off price in the budget rule sets the limit of the average cost of the Russian export grade of Urals oil, calculated for tax purposes (exceeds the real price), above which excess income is sent to the National Welfare Fund. When Urals is sold cheaper, budget losses are compensated by funds from the fund.