The Central Bank revealed which currencies can replace the dollar and the euro in the NWF
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The Russian Ministry of Finance is considering the possibility of replenishing the National Welfare Fund (NWF) at the expense of the yuan, rupee, Turkish lira and other currencies of friendly countries. This follows from the document of the Bank of Russia “The main directions of the unified state monetary policy for 2023 and the period of 2024 and 2025” (pdf.).
The Bank of Russia report also notes that a significant amount of investment from the NWF in the period from 2022 to 2025 will be directed to adapt the economy to changed circumstances as a result of sanctions.
At the end of May, against the backdrop of sanctions, Finance Minister Anton Siluanov named dollar and euro toxic currency for Russia. On August 4, the Central Bank published a report on the new challenges of the financial market. There are currencies of unfriendly countries directly named toxic. This is due to the fact that purchases in euros and dollars are blocked by international sanctions.
Meanwhile, the volume of yuan trading on the Moscow Exchange has grown 50 times since February.
Read more about the situation on the foreign exchange market in the publication “Kommersant FM” “The ruble has found balance”.
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