The Central Bank will not completely abandon the dollar

The Central Bank of Russia does not intend to completely abandon the dollar in its international reserves, said the chairman of the Central Bank Elvira Nabiullina. The Ministry of Finance is in favor of leaving the dollar, which decided to withdraw this currency from the structure of the National Wealth Fund (NWF).

The head of the Central Bank said that the regulator “takes into account changes” in the fund, but this is only one of the factors, because the NWF is “about one fifth” in the structure of Russia’s gold and foreign exchange reserves. At the same time, Ms. Nabiullina added that the currency structure of reserves “certainly reflects various kinds of risks,” including those of “non-economic nature.”

“As for our reserves, as I said, we made the main changes in 2018, and these changes proceeded from the fact that we took into account both the profitability, of course, and the liquidity of various kinds of reserve assets, but also reliability, and did not take into account only financial and economic risks, but also non-economic risks. We do not intend to completely abandon the dollar, “- said the head of the Central Bank at a press conference.

Finance Minister Anton Siluanov announced a new currency structure for the NWF in June. The dollar will be removed from the fund structure, and the shares of the euro and the yuan will rise to 40% and 30%, respectively. Also, gold (20%) will enter the structure of the fund for the first time. Vladimir Putin said that Russia does not want to abandon the use of the dollar as a reserve currency.

About the new structure of the NWF – in the material “Kommersant FM” “The dollar is offered a replacement.”

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