Share of Euro in the structure of gold and foreign exchange reserves of Russia may increase

Chairman of the Central Bank of Russia Sergei Ignatiev does not exclude the possible increase of the share of euro in the structure of gold and foreign exchange reserves of Russia. He stated on Saturday during his talks with journalists that strengthening of the single European currency in relation to US dollar which had recently been evident might impact the structure of gold and foreign exchange reserves of Russia. Currently, Russian foreign exchange reserves are mostly denominated in US dollars.

In reply to the question regarding reasons for the euro's strengthening, Ignatiev opined that they might be "most varied, even accidental and temporary." In the opinion of the head of the major Russia's bank a serious role in this process is played by a "not very strong" balance of payments on current USA accounts.

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