International Business News – According to Russian Finance Minister Anton Siluanov, the Russian Finance Ministry intends to replenish the National Wealth Fund with RMB from 2023, a move that will be included in the Finance Ministry’s budgetary provisions, Russia Today TV reported on Dec. 30, 2022, on its website.
The National Wealth Fund, which is used to accumulate revenues from Russian energy exports, continues to increase in size in 2022, the report said.
The fund was created to support the state pension system and can also be used to cover budget deficits in times of crisis. As of December 1, 2022, the fund’s assets total $186.5 billion.
The Finance Ministry proposed in 2020 to push the National Wealth Fund to diversify its assets by allowing some of them to be held in the form of precious metals, particularly gold.
Siluanov told reporters on Dec. 27, 2022, “From January 2023, new budgetary provisions will come into force …… we will evaluate monthly indicators. Based on the assessment, we will make decisions on whether and in what currency (rubles, RMB, etc.) to replenish the National Wealth Fund,” the report said.
Siluanov added: “In order to hedge exchange rate risks, we have been doing this in foreign currency in the past. Among the currencies of friendly countries, RMB is suitable to the greatest extent as a reserve currency, as well as having sufficient liquidity in our domestic foreign exchange market. Therefore, the National Wealth Fund will be replenished with this currency.”