currency in a fresh wave of support, as Russia moves to diversify its reserves and shift away from the US dollar.
The first deputy chairman of the Russian central bank, Alexei Ulyukayev, said that starting from September, the bank would hold Australian dollars for up to 1 per cent of its $498 billion in reserves, The Australian reports.
He said at a conference at the St Petersburg International Economic Forum that the last meeting of the central bank's monetary policy committee had approved a list of banks that would buy Australian dollars.
"They will place funds on deposit and buy securities (in Australian dollars)," he said.
The comments by Russian officials come as Australian economists report increasing interest in the Australian currency by other central banks and sovereign wealth funds, amid uncertainty about the economic outlook in the US and Europe.
Read more: http://www.news.com.au/business/russians-chase-the-aussie-dollar-as-its-central-bank-secures-1pc-of-reserves/story-e6frfm1i-1226078240652#ixzz1QinzWc00
Read more: http://www.news.com.au/business/russians-chase-the-aussie-dollar-as-its-central-bank-secures-1pc-of-reserves/story-e6frfm1i-1226078240652#ixzz1QinrBTAQ
Emergination
Comments
Post has no comments.