Rumor that Russia will reduce share of USD in National Wealth Fund
On November 7 media stories appeared saying it is rumored that Russia will cut the share of USD in its sovereign reserves. An anonymous source in the Ministry of Finance was cited. The government is changing the fund's structure with a view to improving the pension system. Russia has been de-dollarizing since 2014 due to rows with the West.The National Wealth Fund is supposedly going to become closer to the country's international foreign exchange reserves. The move will be completed within a year. The USD is only 23.6% of the reserves at the moment. Russia has USD 543 billion in reserves.