Russia to add Canadian dollar to its forex reserves in few months
Russia to add Canadian dollar to its forex reserves in few months
THE ASSOCIATED PRESS
MOSCOW - A senior Russian central bank official says that country will buy Canadian dollars in the next few months in a bid to diversify its currency reserves.
Russia had previously mentioned plans to buy Canadian and Australian dollars in the near term, but had not specified when that would happen.
The Canadian dollar ran up 0.86 of a cent to 95.6 cents US in early trading.
Russia has the world's third-largest foreign exchange reserves at US$443.8 billion, 47 per cent in U.S. dollars 41 per cent in euros, 10 per cent in British pounds and two per cent in Japanese yen.
Alexei Ulyukayev, deputy chairman of the Central Bank, said in comments carried by Russian news agencies that the Canadian dollar's share will be lower than that of the yen.
Since the global downturn hit Russia last year, officials have spoken strongly in favour of diversifying the country's oil-dependent economy as well as the structure of its forex reserves.
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