Russia’s Foreign Ministry began in May this year bringing the country’s National Wealth Fund (NWF) in line with new standards by converting part of its US dollar and British pound sterling reserves into yuan and euro, the ministry said on Thursday.
MOSCOW (UrduPoint News / Sputnik – June 10, 2021) In May this year, the Russian Ministry of Foreign Affairs began to bring the National Wealth Fund (NWF) in line with new standards by converting part of its reserves in US dollars and British pounds sterling into yuan and euros , the ministry said on Thursday.
In early June, Russian Finance Minister Anton Siluanov announced that the ministry plans to reduce the share of the US dollar to zero, as well as the share of the British pound sterling to 5%. At the same time, it is assumed that the share of the euro will grow to 40%, and the share of the yuan – up to 30%.
“In May 2021, in order to bring the actual structure of the NWF resources to the new regulatory structure of the fund’s resources in approved foreign currency and gold, the NWF resources should amount to $ 4,001.
£ 0 million 858.2 million [$1.2 billion] were converted into RMB 33,316.0 million, [and] $ 1,000.2 million and £ 214.6 million for € 1,067.1 million [$1.3 billion]”, – said in the message of the department.
As a result, NFW currently holds $ 34.84 billion, € 35.74 billion, £ 7.47 billion, 600.3 billion yen ($ 5.4 billion), 143.88 billion yuan (22.58 billion US dollars) and 263.8 million rubles (3.6 million US dollars).