Ministry to zero share of euros in National Wealth Fund in 2023

MOSCOW, Feb 9 (PRIME) -- The Finance Ministry plans to eliminate the euro in Russia’s National Wealth Fund this year to leave only the Chinese yuan, the ruble and gold, Deputy Minister Vladimir Kolychev told reporters on Thursday.

“If there is a question whether the euro would be zeroed, it will definitely be zeroed this year,” he said, adding that the ministry would gradually reform the fund’s structure to fit the new regulations.

At the end of 2022, the ministry published a new regulatory structure of the National Wealth Fund’s assets, which eliminated the possibility of investing in the U.S. dollar and set the maximum share of the yuan at 60% and of gold at 40%, raising the shares from 30% and 20%, respectively.

As of February 1, the National Wealth Fund’s accounts with the central bank comprised 10.465 billion euros, 307.446 billion yuan, 530.1 million rubles, and 551.278 tonnes of gold.

(71.5763 rubles – U.S. $1)

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