Page 46 - RusRPTDec19

5.2.3​ Capital flight dynamics
5.2.4​ Gross international reserves
Russia’s foreign exchange reserves equalled 20.9 months of import in May 2019. GIR is now about $10bn short of passing the $600bn mark.
Russia’s National Welfare Fund (NWF) will be de-dollarized. ​According to deputy finance minister Vladimir Kolychev, MinFin will reduce the share of the NWF’s dollar holdings throughout 2020.
The NWF holds roughly 45% dollars, 45% euros, and 10% British pounds. Kolychev explained that MinFin wants to “synchronize” the structure of the NWF’s holdings with that of the central bank’s international reserves, so we
46​ RUSSIA Country Report​ December 2019 ​ ​www.intellinews.com