November 7, 2019 / 12:23 PM / 5 days ago

CORRECTED-Russia to cut dollar share in National Wealth Fund, finance ministry source says

(Corrects graph 4 to give figures in nominal terms, not percentages)

MOSCOW, Nov 7 (Reuters) - The Russian finance ministry is planning to diversify the foreign currencies it holds in the National Wealth Fund, a part of Russia’s sovereign reserves, in 2020, a source at the finance ministry said on Thursday.

The finance ministry plans to lower the share of the U.S. dollar in the fund, said the source, who asked not to be named because of the sensitivity of the issue.

The ministry also plans to add more foreign currencies to the fund, which stood at $124.5 billion as of Nov. 1, the source said.

At the end of September, the fund had $45.5 billion U.S. dollars, 39.17 billion euros and 7.67 billion pounds, according to finance ministry data.

The finance ministry and the central bank have not immediately replied to Reuters’ requests for comment. (Reporting by Elena Fabrichnaya, writing by Andrey Ostroukh, editing by Larry King)

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