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Russia Plans to Cut USD Holdings in $119bn Wealth Fund to Zero

RUSSIA
  • RUSSIA PLANS TO CUT DOLLAR HOLDINGS IN WEALTH FUND TO ZERO
  • RUSSIA TO SHIFT WEALTH FUND TO EUROS, GOLD, YUAN
  • RUSSIAN FINANCE MINISTER SILUANOV SAYS NEW STRUCTURE EXPECTED TO COME INTO FORCE WITHIN ONE MONTH
  • RUSSIA 2021 DEFICIT WILL BE ABOUT 1% OF GDP, SILUANOV SAYS
  • RUSSIA WEALTH FUND HELD AS PART OF CENTRAL BANK RESERVES*
  • National Wealth Fund, which is designed to help balance the pension system and stores part of Russia's revenues from oil exports, was worth $116.4 billion, or 7.5% of the country's GDP, as of May 1.
  • Further moves to reduce USD holdings form part of Russia's de-dollarisation strategy that has been building in recent years with the aim of reducing dollarisiation and providing cushioning against US sanctions measures- Nauillina said yesterday that US sanctions are a permanent risk for Russia
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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