Russia's National Welfare Fund Ditches US Dollar, Finance Ministry Says
Published: Jul 07, 2021 09:39 PM
Photo: Xinhua

Photo: Xinhua

The Russian Finance Ministry said on Tuesday it had finally brought the share of US dollar in the National Wealth Fund (NWF) to zero, and of the British pound to 5%, increasing euro and yuan shares to 39.7% and 30.4%, respectively.

"The Russian Finance Ministry reports the completion on 5 July 2021, of the conversion operations necessary to bring the actual structure of the NWF funds to the new regulatory structure", the statement says.

As a result of these operations, the US dollar was excluded from the structure of the NWF funds, while the share of the pound sterling was reduced to 5.0%.

The share of the euro and the Chinese yuan increased to 39.7% and to 30.4%, respectively, whereas the share of the Japanese yen was 4.7%, and the share of non-cash gold 20.2%

In June 2021, the NWF decreased by 363 billion rubles to 13.575 trillion rubles, and in dollars — by $1.8 billion to $187.6 billion, the ministry said.