Russia's National Wealth Fund increased by 582 bln rubles in Oct to 11.37 trln rubles, liquid part at 5.9% of GDP

MOSCOW. Nov 8 (Interfax) - The National Wealth Fund (NWF) as of November 1 totaled 11.374 trillion rubles, the equivalent of $184.841 billion or 8.5% of projected GDP for 2022, the Russian Finance Ministry said.

The fund totaled 10.792 trillion rubles, the equivalent of $187.975 billion, as of October 1, or 8.1% of projected GDP for 2022, meaning that it increased by 581.896 billion rubles in October.

A portion of NWF funds in Bank of Russia accounts, i.e., 3.455 billion euros, 375 million pounds sterling, and 63.573 billion yen, were sold in October for 259.736 billion rubles and the funds received transferred to the federal budget to finance the budget deficit.

The fund's liquid assets rose to the equivalent of 7.873 trillion rubles in October, or $127.938 billion and 5.9% of GDP projected for 2022, from 7.524 trillion rubles or $131.057 billion and 5.6% of GDP in September.

The Bank of Russia had 45.734 billion euros, 4.938 billion pounds sterling, 692.698 billion yen, 309.72 billion yuan, 554,911 kilograms of gold, and 526.7 million rubles of NWF funds in separate accounts as of November 1.

NWF money was used to finance the deficit for the first time this year. The prime minister had issued an order allowing the Finance Ministry to use up to 1 trillion rubles of NWF money to cover the deficit before the end of the year.

The NWF grew in October due to a change in the value of shares in Sberbank and Aeroflot, in which NWF money had been invested, as well as a decrease in the negative exchange rate difference on NWF assets in foreign currency and the revaluation of gold.

The exchange rate difference on the fund's assets denominated in foreign currency and the revaluation of gold for the period from January 1 to October 31 30 amounted to negative 2.67 trillion rubles, compared with 3.3 trillion rubles a month previously, including in foreign currency - negative 2.106 trillion rubles, in gold - negative 505.95 billion rubles, on funds invested in Ukrainian Eurobonds - negative 38.275 billion rubles, and on securities of Russian issuers denominated in foreign currency - negative 16.173 billion rubles.