Page 98 - RusRPTApr23

The NWF held €10.4bn, CNY300.06bn, and 539.24 tonnes of gold in impersonal form on separate accounts with the Central Bank for accounting purposes.
In February, part of the NWF funds in yuan and gold were sold for RUB131.72bn to finance the federal budget. The Ministry of Finance also announced a reduction in the sales of foreign currency under the budget rule from March 7 to April 6, selling RUB5.4bn each day, totalling RUB119.8bn.
From January 13 to February 6, the Bank of Russia sold yuan worth RUB54.5bn, while from February 7 to March 6, foreign currency sales under the budget rule almost tripled to RUB160.2bn. The Ministry of Finance plans to buy yuan under the budget rule in the second half of the year, according to experts interviewed by Vedomosti.
Last December, the Ministry of Finance announced its decision to reduce the share of currencies from unfriendly countries in the NWF's structure. The new structure allows up to 60% of the fund to be invested in yuan and up to 40% in gold. In February, the Deputy Finance Minister announced the decision to eliminate the euro share in the NWF before the year-end, leaving only yuan and gold.
98 RUSSIA Country Report Russia April 2023 www.intellinews.com