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Dollar to be dropped from National Wealth Fund structure within one month, says minister
SPIEF - 2021
3 Jun, 12:24Updated at: 13:27
Russian Finance Ministry has decided to reduce the funds of the NWF invested in dollar assets and replace them by an increase in the euro and gold
Russian Finance Minister Anton Siluanov
© Anton Novoderezhkin/TASS
ST. PETERSBURG, June 3. /TASS/. Russia plans to fully abandon the US greenback in the structure of the National Wealth Fund (NWF) and reduce the share of the British pound within a month, Finance Minister Anton Siluanov revealed on the sidelines of the St. Petersburg International Economic Forum on Thursday, adding that the share of euro and yuan will rise, gold will be added, but the portfolio of Japanese yen will remain unchanged in the NWF.
"We, just like the Central Bank, have decided to reduce the funds of the NWF invested in dollar assets. Today’s structure has around 35% of the NWF’s funds invested in dollars. We have decided to fully withdraw from dollar assets, replacing investments in dollars by an increase in the euro, in gold," he said, adding that the shift to a new structure of the NWF is expected within a month.
"[Investments] in dollars will equal 0%; in euro they’ll come to 40%; in yuan they’ll amount to 30%; in gold - 20%; and in pounds and yuan - 5% each. We have substituted dollars with an increase of 5% in euro, gold and yuan," the finance chief explained.
"The Central Bank is the operator (regarding gold purchases - TASS). It operates its gold and currency reserves and defines the structure of its assets for the National Wealth Fund and the share of the National Wealth Fund in those assets itself," he said.
Currently, the share of the greenback and the EU’s currency in the NWF stands at 35%, with the yuan’s share at 15%, the sterling pound at 10%, and the yen at 5%.
https://tass.com/economy/1297717
US dollar is going to be worth less than a toilet paper.
SPIEF - 2021
3 Jun, 12:24Updated at: 13:27
Russian Finance Ministry has decided to reduce the funds of the NWF invested in dollar assets and replace them by an increase in the euro and gold
Russian Finance Minister Anton Siluanov
© Anton Novoderezhkin/TASS
ST. PETERSBURG, June 3. /TASS/. Russia plans to fully abandon the US greenback in the structure of the National Wealth Fund (NWF) and reduce the share of the British pound within a month, Finance Minister Anton Siluanov revealed on the sidelines of the St. Petersburg International Economic Forum on Thursday, adding that the share of euro and yuan will rise, gold will be added, but the portfolio of Japanese yen will remain unchanged in the NWF.
"We, just like the Central Bank, have decided to reduce the funds of the NWF invested in dollar assets. Today’s structure has around 35% of the NWF’s funds invested in dollars. We have decided to fully withdraw from dollar assets, replacing investments in dollars by an increase in the euro, in gold," he said, adding that the shift to a new structure of the NWF is expected within a month.
"[Investments] in dollars will equal 0%; in euro they’ll come to 40%; in yuan they’ll amount to 30%; in gold - 20%; and in pounds and yuan - 5% each. We have substituted dollars with an increase of 5% in euro, gold and yuan," the finance chief explained.
"The Central Bank is the operator (regarding gold purchases - TASS). It operates its gold and currency reserves and defines the structure of its assets for the National Wealth Fund and the share of the National Wealth Fund in those assets itself," he said.
Currently, the share of the greenback and the EU’s currency in the NWF stands at 35%, with the yuan’s share at 15%, the sterling pound at 10%, and the yen at 5%.
https://tass.com/economy/1297717
US dollar is going to be worth less than a toilet paper.
