Russia will not cut share of euro in forex reserves

May 19, 2012 19:47


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For a symbolic $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


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.

Related Content

Breaking news
June 25, 2018
Taliban rejects pleas by Afghan elders for a ceasefire extension