Russia boosts euro reserves
The euro now accounts for a third of Russia’s hard currency reserves, a top Russian central bank official revealed today, signalling a quick shift in their structure.
Deputy chairman Konstantin Korishchenko said the shift in reserves had not been ”dramatic”.
After the dollar hit record lows against the euro in December, Central bank Chairman Sergei Ignatyev suggested that the bank might increase the volume of euros in its reserves. Ignatyev said then that 70% of Russia’s hard currency reserves were dollars, 25% euros, and other currencies made up the remaining 5%.
Russia’s hard currency reserves have been boosted by dollar revenue from soaring oil prices.
