Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Russia Cuts Euro’s Share in Reserves to 42.1%, Raises Dollar

May 16 (Bloomberg) -- Russia cut the euro’s share in its international reserves to 42.1 percent as of Jan. 1, 2012, down from 43.1 percent a year earlier, the central bank said.

The U.S. dollar’s share was increased to 45.5 percent from 45.2 percent, while the Canadian dollar’s portion was raised to 1.6 percent from 0.8 percent, according to the central bank’s annual report submitted to the lower house of parliament and obtained by Bloomberg. The British pound accounted for 9.2 percent at the end of 2011, compared with 9.3 percent a year earlier, while the yen made up 1.6 percent of the total, unchanged from 2010.

With $523 billion in reserves, the world’s fourth largest, Russia sought to diversify its holdings by adding the Canadian dollar to the stockpile in 2010, boosting gold purchases and planning to expand into the Australian dollar.

The sovereign credit grades of euro members are under pressure, eroding the common currency’s appeal, as policy makers struggle to rein in government debt levels while growth slows and joblessness mounts. The International Monetary Fund said Dec. 30 that the greenback’s share of global foreign-exchange reserves rose in the third quarter by the most since 2008.

As in 2010, Russia also held a small amount of assets denominated in Swiss francs, according to the central bank.

To contact the reporter on this story: Artyom Danielyan in Moscow at adanielyan@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.