Russia to convert reserves of D-marks into euros

RUSSIA - Russia's central bank will convert a small part of its foreign currency reserves into euros following Europe's transition to its new currency, bank chairman Viktor Gerashchenko said on 3 September.

"We have placed a small part, about five percent, in marks. The mark is going, so something may be in euro, but a small part," Gerashchenko told reporters. He gave no indication about when the conversion would occur.

As of August 24, the central bank's gold and foreign currency reserves stoo