Russian Finance Minister Anton Siluanov announced a radical change in the structure of the National Welfare Fund (NWF), the main Russian “money box”, in the next month, reports RIA News…
In the updated structure of the NWF there will be no American dollars, although before that they accounted for 35 percent of the fund. The share of the euro (from 35 percent to 40) and the yuan (from 15 percent to 30) will increase. The share of the British pound sterling will halve (10 percent to 5), and for the first time there will be gold in the volume of 20 percent. The Japanese yen will remain at 5 percent.
Answering journalists’ questions at a briefing at the St. Petersburg International Economic Forum (SPIEF-2021), Siluanov explained that the decision was made jointly with the Central Bank.
The placement of NWF funds in dollars became possible after the decree that Russian President Vladimir Putin signed at the end of last year and the decree of the head of government, Mikhail Mishustin, approved in May.
Back in February, the yen and the yuan got into the structure of the fund, this happened due to the reduction in the share of the dollar and the euro from 45 percent to 35 percent. The decision was explained by the desire to increase profitability and diversify investment risks.
On the eve it became known that the construction of the M-12 highway will cost 639 billion rubles, of which about 150 billion will be taken from the NWF. At the same time, the first deputy chairman of the Central Bank, Sergei Shvetsov, called it unreasonable to spend the fund’s money on the salaries of Russians, because this way you can gobble up all the reserves.