Russia to cut dollar share in National Wealth Fund in favor of yuan & other currencies
“I can say with certainty that the share of the US dollar will be smaller,” the official told reporters on Wednesday. “Different currencies are being considered, all the reserve ones... including the yuan.”
While the deputy minister did not elaborate on the exact amount of the dollar cut, he said that the National Wealth Fund’s currency structure will be similar to that of the Russian central bank’s reserves. In one year, the country's regulator halved the US currency share from its international holdings, with the dollar share falling to 23.6 percent as of the end of March.Also on rt.com Russia now has more assets than debt, despite sanctions
“Geopolitical risks are one of the key factors in determining the structure of the National Wealth Fund,” Kolychev said, adding that the changes will be implemented next year.
The volume of the National Wealth Fund reached nearly 8 trillion rubles ($124.46 billion) on November 1, the biggest figure since its establishment in 2008. The fund is a part of federal budget assets and supports the national pension system.
In response to US sanctions, Russia has been eliminating the greenback from its reserves and increasing gold and other currency holdings in an effort to de-dollarize the economy.Also on rt.com Golden shield: Russian bullion reserves will protect country against slump in oil prices
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