Page 84 - RusRPTJul24

regulator’s reserves and assets, as well as transactions with any legal entity, organization or body acting on behalf or at the direction of the Central Bank, were prohibited.
One in three central banks plan to increase gold reserves within the next year. According to the World Gold Council (WGC), one in three central banks globally plans to increase their gold reserves in the coming year. Additionally, 62% of central banks believe that the dollar will lose its status as the world's primary reserve currency in the coming years. Half of the central banks in developed countries have stated that the share of gold in their reserves will increase. Among developing countries, three out of four central banks share this view. The outlook for the dollar is increasingly bleak. In 2022, only 42% of central banks thought the dollar would lose its position as a reserve currency. This figure rose to 55% in 2023 and has now increased to 62-64% in 2024. Central banks believe that sanctions are causing significant damage to the dollar, making it more advantageous for many to hold reserves in other assets.
Russia’s National Wealth Fund (NWF) totaled 12.7 trillion rubles ($142bn) as of June 1, 2024, or 7.1% of GDP projected for this year, according to files released on the Russian Finance Ministry’s website. As of May 1, 2024, the National Wealth Fund totaled 12.75 trillion rubles. "As of June 1, 2024, the National Wealth Fund totaled 12,703,814.5mn rubles, or 7.1% of GDP projected for 2024 <...> which equals $141,488.5mn," the statement reads. As of May 1, the amount of liquid assets of the NWF was 5.046 trillion rubles ($56.7bn), or 2.8% of GDP projected for 2024. In the previous month the volume of the NWF’s liquid part amounted to 5.172 trillion rubles. The total estimated amount of revenues from depositing NWF resources on accounts in foreign currency with the Bank of Russia recalculated to US dollars from December 15, 2023 to May 31, 2024 equaled $50.2mn, which is equivalent to 4.51bn rubles, the ministry noted.
84 RUSSIA Country Report July 2024 www.intellinews.com