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Russia continues to limit share of assets from 'unfriendly countries' in national wealth fund

IANS | December 31, 2022 10:16 AM

MOSCOW: Russia would continue to limit the share of assets denominated in currencies from "unfriendly" states in its National Wealth Fund (NWF), the Russian Finance Ministry said in a statement.

According to the statement on Friday, the share of the Chinese yuan in the NWF would be doubled from 30 to 60 per cent, and the share of non-cash gold would increase to 40 per cent, within the framework of the newly approved regulatory asset structure of the NWF.

At the same time, Russia will fully remove dollar assets from its wealth fund, and reduce balances in the British pound and Japanese yen to zero, Xinhua news agency reported.

The currency composition of the NWF would become better adapted to challenges facing Russia in the current macroeconomic and geopolitical conditions as a result of these changes, the Ministry said.

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