The Ministry of Finance has begun evaluating the possibility of exchanging dollars and euros held in the National Welfare Fund for yuan, moving forward under a carefully considered budget rule. This shift is being considered for implementation even as discussions continue, with the aim of aligning new currency purchases with the fiscal framework. [Source: Financial briefing on the NWF strategy]
Reports indicate that officials are weighing elevating the yuan acquisition issue to the highest level of decision-making, potentially routing it through presidential consideration. If a favorable stance emerges, the ministry could initiate foreign currency purchases in line with the updated budget rule, potentially before any formal legislative changes are enacted. [Source: Policy briefing]
It is noted that the yuan purchases would be funded from unexpected oil and gas revenues, providing a natural liquidity stream for diversifying the country’s foreign exchange reserves. At the same time, officials examined other currencies from partner nations, including the Indian rupee and the Turkish lira, as alternative options. However, preliminary market demand in the domestic Russian economy appears to favor the yuan more strongly, making it the leading candidate. [Source: Market assessment]
Under the proposed purchase parameters, the price benchmark for oil would be set at sixty dollars per barrel, with production sustained near nine and a half million barrels daily. These figures would help determine the scale of reserve diversification while maintaining macroeconomic stability. [Source: Economic planning documents]
In a separate central bank briefing dated August 12, officials indicated that the Ministry of Finance is exploring the replenishment of the National Welfare Fund using currencies from friendly nations. This approach reflects a broader strategy to strengthen reserve resilience and support long-term fiscal flexibility. [Source: Central Bank June-August update]
Analysts emphasize that such a shift would signal a more assertive use of the country’s sovereign wealth to hedge against commodity price volatility and to diversify currency exposure. The move could also influence monetary policy signals and exchange rate dynamics, given the global reach of the currencies under consideration. Observers stress the importance of transparent governance and clear legislative alignment to ensure credibility with international markets. [Source: Market commentary]
Supporters argue that diversifying away from a single reserve currency can improve financial independence, reduce susceptibility to external shocks, and provide a steadier inflow of liquidity into state funds. Critics caution that rapid diversification could complicate the monetary framework and require robust risk management, especially in a volatile oil market. A cautious, data-driven approach is favored by many policymakers as the conversation continues. [Source: Expert opinions]
Overall, the discussions reflect a strategic impulse to modernize the reserve composition while staying aligned with fiscal rules and long-term national interests. The outcome will depend on political consensus, market reception, and the ability to maintain discipline in expenditure and investment plans. The public briefing suggests that any final decision will aim to preserve stability while opening avenues for a more diversified reserve portfolio. [Source: Government briefing]