Russia increases euro weighting

The Russian central bank said on Monday 21 March that it had doubled the weighting of euros used to calculate the nominal exchange rate of the ruble from 10 per cent to 20 per cent at the expense of the dollar.

The weighting of the dollar in the two-currency "basket" had been reduced from 90 percent to 80 per cent with effect from March 15, the bank said.

The decision reflects the importance of the European Union in Russian trade and also the strength of the euro.

The bank said that the increa