ST.PETERSBURG, June 4th. / TASS /. The decision to exclude dollar assets from the National Wealth Fund (NWF) is a forced solution, Alexey Kudrin, head of Russia’s Audit Chamber, told reporters on the sidelines of the St. Petersburg International Economic Forum on Friday. (SPIEF).
“It’s usually forced,” Kudrin said, answering the question of whether this is the right decision. He stressed that the exclusion of the NWF dollar will not affect the turnover of the US currency in Russia.
“When we’ve already earned the $ 40 billion, leaving it at zero is nothing,” Kudrin noted. “This does not change the billing system of the dollar in Russia, it does not change the system of exchangers or the desire of people to keep that dollar. It’s just a matter of which foreign assets are best stored. In that sense, of course, given the sanctions and fears of deteriorating dollar settlements, which are U.S.-controlled banks authorized by the Federal Reserve System, this is rather a precautionary step, ”he added.
Earlier, Russian Finance Minister Anton Siluanov said that in a month Russia would completely abandon the US dollar in the structure of the National Wealth Fund (NWF) and reduce the share of the British pound from 10% to 5 %. The share of the euro in the NWF will grow to 40%, the yuan from 15% to 30%, the share of the Japanese yen will not change and will remain at 5%. In addition, gold will also appear in the structure of the NWF, its share will be 20%.
The 24th St. Petersburg International Economic Forum will be held from 24 to 5 June. The forum’s business program will focus on global and Russian economies, social issues and technological development. TASS is the information partner and official photo hosting agency of the forum.