11 Jun 2021 16:53

CBR takes into account NWF FX composition in managing currency reserves, but this not only factor - Nabiullina

MOSCOW. June 11 (Interfax) - The forex composition of the National Wealth Fund (NWF) is not the only factor that the Central Bank of Russia takes into consideration in managing currency reserves, CBR Elvira Nabiullina said while taking questions during a press briefing on Friday.

"In connection with the transactions of the Finance Ministry in the framework of the fiscal rule, we purchase currency on the domestic market, and we purchase dollars and euros. We perform the transactions necessary to bring the currency composition of gold and forex reserves into line with the standard structure, which the Bank of Russia determines, on the domestic market. In managing currency reserves, we take into account the forex composition of the NWF, because this is our duty to the Finance Ministry, but it is not the only factor," Nabiullina said.

According to her, the regulator is not planning gold purchases on the domestic market in connection with the changes to the NWF's composition as there is no need for this.

As reported earlier, Russian Finance Minister Anton Siluanov last week spoke of radical alterations to the composition of investments in the NWF, including the complete abandonment of dollar-denominated assets. In line with the amendments to the decree on the procedure of management of resources of the National Wealth Fund, the dollar was excluded from the fund's composition as of May 20. It is planned to bring the NWF's composition into line with the new proportions within a month.