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

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. The dollar accounted for 45.5% of the fund at the end of September. The euro's share was 39.17% and the pound accounted for another 7.67%, according to finance ministry data. It was unclear what currencies made up the remaining 7.66%.

The finance ministry and the central bank have not immediately replied to Reuters' requests for comment.

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