BREAKING NEWS

Russia will not cut share of euro in forex reserves

By REUTERS

MAY 19, 2012 19:47

Russian Prime Minister Dmitry Medvedev told leaders of the Group of Eight countries on Saturday that Russia would maintain the proportion of its foreign reserves held in euros.

"Russian prime minister noted that we are not going to cut the share of euro in our reserves in order not to send wrong signals on the situation in Europe," said Stanislav Voskresensky, Russian G20 sherpa and deputy economy minister.

He was speaking after G8 leaders discussed the eurozone crisis at their meeting at Camp David on Saturday.

The Russian central bank's annual report issued last Wednesday showed the central bank has lowered the share of the US and Canadian dollars in its foreign exchange reserve and increased its holdings in the euro.

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