Russia has no intention to reduce euro reserves: PM

27th November 2012, Comments 0 comments

Russian Prime Minister Dmitry Medvedev said Tuesday that Moscow has no plans to reduce the amount of euros in its cash reserves, as the world benefits from having a second strong global currency.

Medvedev said Russia's government has "no intention to change" the percentage of its gold and currency reserve holdings, currently at around 40 percent, "because despite the eurozone's problems, we are convinced things will improve in the future."

Speaking after meeting with his French counterpart Jean-Marc Ayrault, Medvedev said having the dollar and euro as strong reserve currencies "is a very favourable situation for the world."

He added: "A situation where the dollar reigns everwhere should be avoided."

The Russian prime minister expressed optimism the deal reached overnight between eurozone finance ministers and the International Monetary Fund on adjusting the rescue plan for Greece provides a definitive solution.

"The economic situation in the whole world really depends on the situation in the eurozone," he said.

© 2012 AFP

0 Comments To This Article