Page 63 - RusRPTJun20
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  Key trade results $bn
    Indicators
    January—April 2020 (estimate)
 January—April 2019
  Current account
    23.5
  40.1
  Trade balance
    35.6
  61.6
  Private Sector Financial Balance
    23.9
  27.6
    Change in reserve assets *
    2.6
   21.7
   source: CBR
        5.2.4​ Gross international reserves
   The National Welfare Fund (NWF) was unchanged in April. ​The Minfin’s monthly report on the state of National Welfare Fund showed no significant change in its volume – on 1 May, the NWF totalled $170.6bn v $163.2bn on 1 April – this change was solely driven by fluctuations in FX rates.
The only notable change in the NWF was a decline in the volume of its liquid assets from 9.8% to 7.4% of GDP, but that was due to the transfer on the balance of the fund of Sberbank shares that the government has purchased from the CBR.
  63​ RUSSIA Country Report​ June 2020 ​ ​www.intellinews.com
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