Marcel Salikhov, Director of the Center for Economic Expertise of the Institute of State and Municipal Administration of the National Research University Higher School of Economics, commented to Gazeta.Ru on the decision of the Russian Ministry of Finance to zero the dollar's share in the National Wealth Fund.
It is difficult to predict how the changes in gold and foreign exchange reserves will affect the profitability if the Central Bank continues to change the currency structure and reduce the share of the dollar, as has been gradually happening in the past few years, Marcel Salikhov says. He notes that the Bank of Russia is unlikely to completely abandon the dollar in the near future.
“As practice shows, diversification is a necessary requirement for investment portfolios. It is quite difficult to build a good investment portfolio of this size without dollar-denominated assets,” Marcel Salikhov explains.
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