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

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

Chris Powell

GATA

Published : November 17th, 2019

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	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. 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. ... ... For the remainder of the report: https://www.reuters.com/article/us-russia-nwf...o-cut-share-... *** * ***

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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.

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