Russian central bank may increase euro reserves

The Russian central bank, which has foreign currency reserves largely denominated in dollars, may increase its holdings of euros, deputy chairman Oleg Vyugin was quoted as saying.

The central bank official said the current distribution of reserves dates back to 1999, and it had been decided at the end of last year to consider selling some dollars in favour of euros, sterling and Swiss francs.

Vyugin noted that 70 pct of world currency holdings are in dollars, but would not reveal what

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