Russia cuts US dollar holdings

Russia's central bank said on Thursday 8 June that it would cut its dollar reserves, while increasing its holdings of euros.

The Bank of Russia said its dollar holdings had been cut to 50 percent, with 40 percent in the euro and the rest in pounds sterling, MosNews reported Friday.

Sergei Ignatyev, chairman of the central bank, said just 50 per cent of its foreign exchange reserves were now held in dollars, with 40 per cent in euros and the rest in sterling.

The shift follows talk from Gulf nations

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