Russia Added Canada's Currency to International Reserves, Ulyukayev Says

Russia added the Canadian dollar to its international reserves, said Alexei Ulyukayev, first deputy chairman of Russia’s central bank.

“We have recently begun investing in assets denominated in the Canadian dollar,” Ulyukayev said today in an interview in Moscow. “So far the amounts are very small, but there’s perhaps potential for increasing our holdings. We haven’t started investing in the Australian dollar yet. So far we are just considering the possibility of including it in the list of currencies allowed for reserve allocation.”

The Canadian dollar hasn’t yet affected the currency allocations, Ulyukayev said.

“Within several months we may be able to speak about more substantial volumes and any changes in the structure” of the reserves, he said.

Russia’s reserves are made up of 47 percent U.S. dollars, 41 percent euros, 10 percent British pounds and 2 percent Japanese yen.

“We are considering several other currencies, but we are looking at them more in a theoretical sense than practical one,” Ulyukayev said.

To contact the reporter on this story: Paul Abelsky in Moscow at pabelsky@bloomberg.net; Maria Levitov in Moscow at mlevitov@bloomberg.net

To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net

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