FAST FIVE: Russia To Reduce US Dollars In National Wealth Fund As Putin's De-Dollarization Continues
Crossing the wires early Wednesday morning, Russian Deputy Finance Minister Vladimir Kolychev, was quoted by Reuters as saying the Russian sovereign wealth fund will reduce US Dollars and is considering adding Chinese yuan. RUSSIAN DEPUTY FINANCE MINISTER KOLYCHEV SAYS SHARE OF US DOLLARS IN NATIONAL WEALTH FUND WILL BE REDUCED RUSSIAN DEPUTY FINANCE MINISTER KOLYCHEV SAYS INCLUSION OF OTHER FOREIGN CURRENCIES INCLUDING YUAN IS BEING CONSIDERED RUSSIAN DEPUTY FINANCE MINISTER KOLYCHEV SAYS FINANCE MINISTRY PLANS TO CHANGE NATIONAL WEALTH FUND'S FX STRUCTURE IN 2020 Kolychev said the change to the foreign exchange structure of the wealth fund would occur in 2020.
Last month, Russian Economy Minister Maxim Oreshkin told the Financial Times that the country would continue down the path of de-dollarization and begin trading some oil transactions in Euros and roubles.
Despite less than 5% of Russia's $687.5 billion in annual trade being with the US, it remains that over half of that trade still relies on the dollar, according to Bloomberg figures.
Russia's desire to abandon the dollar is a trend that continues to gain momentum and could be fully realized by the mid/late 2020s.
Tyler Durden Wed, 11/13/2019 – 19:50 Tags Business Finance.