Russia To Start Converting Dollar, Pound Sterling Into Euro, Yuan In May- Finance Ministry

The Russian Foreign Ministry began this May bringing the country's National Wealth Fund (NWF) in line with new standards by converting part of its US dollar and UK pound sterling reserves into the yuan and the euro, the ministry said on Thursday

MOSCOW (UrduPoint News / Sputnik - 10th June, 2021) The Russian Foreign Ministry began this May bringing the country's National Wealth Fund (NWF) in line with new standards by converting part of its US Dollar and UK pound sterling reserves into the Yuan and the euro, the ministry said on Thursday.

In early June, Russian Finance Minister Anton Siluanov announced that the ministry was planning to bring the share of the US dollar down to zero, as well as the share of the UK pound sterling down to 5%. Meanwhile, the share of the euro is supposed to grow to 40% and the share of yuan will grow to 30%.

"In May 2021, in order to bring the actual structure of the NWF resources to the new normative structure of the fund's resources in approved foreign Currency and gold, the NWF resources of $4,001.

0 million and 858.2 million pound sterling [$1.2 billion] were converted into 33,316.0 million of Chinese yuan, [and] $1,000.2 million and 214.6 million of pound sterling into 1,067.1 million Euros [$1.3 billion]," the ministry said in a statement.

As a result, the NFW currently holds $34.84 billion, 35.74 billion euros, 7.47 billion of pound sterling, 600.3 billion Yen ($5.4 billion), 143.88 billion yuan ($22.58 billion) and 263.8 million rubles ($3.6 million).