The Russian Ministry of Finance excludes the dollar from the NWF

The RF Ministry of Finance announced the completion on July 5 of the operations required to bring the actual structure of the National Welfare Fund (NWF) funds to the new regulatory structure. As a result, the US dollar was excluded from the funds structures of the NWF. It was announced on June 3 that the government’s foreign exchange reserves will have a new regulatory structure from May 20.

“As a result of these transactions, the US dollar was excluded from the structure of the NWF, 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, the share of the Japanese yen was 4.7% and the share of non-cash gold is 20.2%, ”the ministry said in a statement.

These operations were carried out with the funds of the NWF in foreign currency placed in accounts with the Bank of Russia as of July 1, as well as with federal budget funds in foreign currency in the equivalent of 31.6 billion rubles, credited to the fund on July 2.

The changes were carried out in accordance with the government decree of May 21. In an official statement, the Ministry of Finance explained that they are aimed “at ensuring the safety of NWF funds in the context of macroeconomic and geopolitical trends of recent years and decisions aimed at” de-dollarization “of the Russian economy.”

Read more in the publication of “Kommersant” “The Ministry of Finance exchanged dollars for gold”

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