The Ministry of Finance in January for the first time sold gold from the NWF to cover the budget deficit

The Ministry of Finance in January for the first time sold gold from the NWF to cover the budget deficit


In January 2023, the Ministry of Finance sold gold from the National Wealth Fund (NWF) for the first time to cover the budget deficit. In total, 3.6 tons of gold were sold. For the same purpose, the department sold 2.3 billion yuan. The total cost of the transaction is estimated at 38.5 billion rubles.

By data Ministry of Finance, the volume of the NWF as of February 1 amounted to 10.8 trillion rubles. (equivalent to $155.3 billion), or 7.2% of GDP projected for 2023. On January 1, the volume of the fund was 10.4 trillion rubles. (7.8% of GDP). The liquid part of the NWF currently stands at 6.3 trillion rubles, or $91 billion, which corresponds to 4.2% of GDP projected for the current year.

Russia's budget deficit information departments, in January amounted to 1.76 trillion rubles., budget expenditures increased by 59%, to 3.117 trillion rubles. The volume of income received amounted to 1.356 trillion rubles, which is 35% lower than the volume of income received in January 2022.

December 30, 2022 Ministry of Finance informed on the updated structure of the NWF. In accordance with the new structure, the share of the yuan is limited to 60%, non-cash gold - 40%. Previously, the shares of the yuan and gold in the NWF were 30% and 20%, respectively. The share of the euro was 40%, while the share of the pound sterling and the yen was almost 5%. January 18 department announced on the sale of all pounds sterling and yen from the NWF, as well as a halving of investments in euros. Thus, the department reduces the share of currencies of unfriendly countries in the NWF.

Milena Kostereva



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