The Russian authorities continue to form a new monetary structure of the National Welfare Fund. Particular attention is paid to the role of the American dollar in domestic reserves. The plans for the coming year are to reduce the dollar share further and add new currencies as reserve ones. The Russian Ministry of Finance noted that it intends to make the dollar share in the NWF equal with the dollar volumes in the Bank of Russia gold reserves. As of October of this year, the structure of the NWF reserves is as follows: the share of the US dollar is 45.5 percent, the euro accounts for 39.17 percent, while the share of the British pound is 7.67 percent. The result of many years of painstaking work aimed at renouncement of the dollar is evident. According to the Ministry of Finance, the reduction in the use of the US dollar in the NWF to levels that are in the gold reserves of Russia will mean an almost 2-fold decrease of its share. The Russian central bank noted that the share of the dollar in the structure of gold and foreign currency reserves amounted to 23.6 percent at the end of March of this year. At the same time the leading position in the gold reserves of Russia belonged to the euro with a share of 30.3 percent. The Chinese yuan had 14.2 percent share in gold reserves, the British pound accounted for 6.6 percent, and the share of other currencies was 7.1 percent.
