Money of the Sovereign Foundation of National Welfare (FNB), which performs the function of the main Russian cube, will begin to spend on investments in gold, write “Vedomosti” with reference to the relevant bill developed by the Ministry of Finance.
The document states that the initiative is aimed at diversifying the investments of the FNB “in order to ensure their preservation and increasing profitability.” The authors call the Gold “traditional protective asset”, which occupies a significant share in the cowardian reserves of the Central Bank. As of March 1, it was 22.2 percent.
FNB is an integral part of the gold reserves of the Central Bank, but does not repeat their structure as accuracy. In particular, there is still no gold among its assets. The fund is replenished due to the oil and gas budget exports (export duties and mining tax), for which the Central Bank, as an agent of the Ministry of Finance, acquires foreign currency.
Analysts’ respondents called the decision expected, since the structure of the FNB and the reserves of the Central Bank in recent years has come closed markedly, and the share of gold has increased significantly.