Page 53 - Russia OUTLOOK 2024

Russia no longer holds dollars as a reserve currency and was expected to wind down its remaining holdings of euro and yen in 2023. Almost all of the reserves are in yuan – about $100bn worth – and around $135bn worth of monetary gold. The remainder is other currencies and Russia’s Special Drawing Rights (SDR), the IMF’s reserve currency.
The National Wealth Fund will grow by more than RUB500bn ($5bn) in 2024, Russian Finance Minister Anton Siluanov said on the air with the Rossiya-24 television channel. "We see in general that the National Wealth Fund will be replenished next year on a net basis by more than half a trillion rubles, and therefore our financial reserve will also be complemented next year. This is good. This creates the budget stability for us on the one [hand] and generates a required source to finance key projects, infrastructural projects, and technology ones where the use of Fund’s money is stipulated," Siluanov said. The amount of target replenishment of NWF money can be about RUB1.2 trillion ($11.9bn) this year, the minister noted. "Owing to the good market situation, the National Wealth Fund will be replenished this year, even despite the fact that we will substitute borrowing sources for a portion of oil and gas revenues," the minister said.
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