The Central Bank of the Russian Federation said that it was “exploring the possibility of buying the Turkish lira to invest in the reserves of the National Wealth Fund.” He pointed out that “the purchase and sale of additional oil and gas revenues in US dollars and euros has become impossible due to the sanctions imposed against the country.”
And he pointed out in the report that “the Ministry of Finance of Russia is working to conduct various operations in the currencies of some countries friendly to Russia.” Pointing out that “the ministry is working to implement an operational method of managing the budget base around the currencies of friendly countries (Turkish lira, yuan, rupiah, etc.) in order to renew the National Wealth Fund and manage its expenditures.”
Reserves in the National Wealth Fund, which is part of the country’s international reserves, rose by 1.4 trillion rubles in July last year to 12.1 trillion rubles (about $201 billion).
And at the end of July, he extended the economic sanctions against Russia for another 6 months, saying that they had destabilized Ukraine.
Source: El Iktisad
