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Russia’s National Wealth Fund still be kept in foreign currency — Finance Minister

In August, the Bank of Russia decided not to purchase foreign currency on the domestic market as part of doubling the regular operations of the Finance Ministry

MOSCOW, September 28. /TASS/. The Russian government will continue to keep reserves of the National Wealth Fund (NWF) in foreign currency, Finance Minister Anton Siluanov said at the Moscow Financial Forum.

"Currency purchases are the competence of the Bank of Russia. They have suspended "mirroring" (of the operations of the Finance Ministry) for a time being. The Bank of Russia will decide when to make currency purchases. But in this part, the budget rule has not changed. We envisaged storing the resources of the National Wealth Fund in foreign currency, which gives balance and predictability to budget reserves of the National Wealth Fund, we will continue to do this," he said.

In August, the Bank of Russia decided not to purchase foreign currency on the domestic market as part of doubling the regular operations of the Finance Ministry. The regulator explained this by the intention to reduce volatility on financial markets.