OREANDA-NEWS Currency sales related to the replenishment and use of funds from the National Welfare Fund (NWF) will be lower in 2026 in the context of a more balanced budget and lower oil cut-off prices under the budget rule, said Elvira Nabiullina, Chairman of the Central Bank of the Russian Federation.

"One of the factors of the strengthening (of the ruble exchange rate) this year was that the currency was sold from the National Welfare Fund, and these sales were significant - to cover budget expenses, for investments. Next year, with a more balanced budget and lower cut-off prices, there will be fewer foreign currency sales related to the NWF," Nabiullina said in the Federation Council.

The head of the Bank of Russia noted that there is no "significant over-strengthening" of the ruble.