Russia to cut share of U.S. dollar in National Wealth Fund, mulls other currencies


Gabrielle Tétrault-Farber and Darya Korsunskaya
Wednesday, November 13, 2019

MOSCOW -- Russia will reduce the share of the U.S. dollar in its National Wealth Fund and is considering investing in other foreign currencies including the Chinese yuan, Deputy Finance Minister Vladimir Kolychev said today.

Kolychev confirmed a Reuters report from this month that Russia was planning to diversify its foreign currency holdings in 2020.

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Kolychev said the move was in part meant to shield Russian reserves from external risks. He did not give an exact figure for what the U.S. dollar's share would be trimmed to in the National Wealth Fund.

The U.S. unit made up about 36% of the National Wealth Fund, or $124.5 billion, as of end-October, according to Reuters calculations based on finance ministry data. ...

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