Russia resets dollar holdings in National Welfare Fund

In a written statement from the Ministry of Finance of Russia, it was stated that the planned changes in the structure of the National Welfare Fund have been completed.

In this context, the statement stated that the share of euro and yuan in the fund was increased, “Dollar assets were not included in the fund. While the share of the pound was reduced to 5 percent, the share of the euro was increased to 39.7 percent and the share of the yuan to 30.4 percent. The share of the Japanese yen was increased. The share of non-cash gold assets remained at the level of 4.7 percent and 20.2 percent. expressions were used.

Russian Finance Minister Anton Siluanov announced on June 3 that the dollar assets in the National Welfare Fund will be completely terminated within a month.

With the decision taken in February in Russia, the share of the dollar in the National Welfare Fund was reduced from 45 percent to 35 percent in order to diversify investment risks.

In the statement made by the Ministry of Finance of Russia on January 13, it was reported that the size of the National Welfare Fund, the country’s reserve fund, increased by 46% in 2020 compared to the previous year and reached 183.3 billion dollars.

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