The Ministry of Finance will more actively replenish the NWF in yuan from 2023
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The Ministry of Finance plans to replenish the National Wealth Fund (NWF) in yuan within the framework of the budget rule, said the head of the department, Anton Siluanov. According to him, they will start doing this from January. The minister explained that the yuan “has the characteristics of a reserve currency and sufficient liquidity” in the Russian domestic foreign exchange market.
Mr. Siluanov said at a briefing that in 2022 the Ministry of Finance will spend a little more than 2 trillion rubles from the NWF. He clarified that this is less than planned, as the authorities “compensated for these resources with new borrowings.” “We had a dilemma: spend the NWF, or both, or focus more on borrowing. We decided to go to the market and borrow. The NWF should be kept as much as possible for investments and as a reserve,” the minister explained (TASS quote).
The Ministry of Finance included the yuan in the currency structure of the National Wealth Fund with a share of 15% in February 2021. As of December 1, 2022, €41.898 billion, £2.767 billion, 478.48 billion Japanese yen, 309.72 billion Chinese yuan, as well as 554.911 thousand kg of gold in impersonal form and 242 .7 million rubles
In November, President Vladimir Putin signed law to relax the budget rule for 2023-2024 for higher budget spending. Now it will be possible to allocate no more than 8 trillion rubles to finance expenses. oil and gas revenues for the period from 2023 to 2025. Then the figure will be indexed every year by 4%. The federal budget of the Russian Federation for the next three years provides spending in 2023 at the level of 29 trillion rubles, in 2024 – 29.4 trillion rubles, and in 2025 – 29.2 trillion rubles.
Read more about the new budget rule – in the material “Kommersant” “And yet it turns”.
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