Russia may increase euro reserves

Russia's Central Bank may increase the euro component of its hard currency reserves, according to First Deputy Bank Chairman Alexei Ulyukayev.

He also indicated that this would mean a reduction in the dollar portion of Russia's reserves. The Central Bank's reserves of US$89.6bn are currently composed of 70% dollars, 25% euro and 5% other currencies. The central bank is also considering reorienting Russia's exchange rate targets to focus more on the euro.

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