Russia won't dump euros: Putin

Speaking after meeting Italian Prime Minister Mario Monti, Putin also said that Russia supported efforts by the European leaders to stabilise the situation.

Russia won't dump euros: Putin

World Bulletin / News Desk

Russia, which holds a large share of its foreign exchange reserves in euros, will not take any action that would complicate efforts to manage the euro-zone debt crisis, President Vladimir Putin said on Wednesday.

Speaking after meeting Italian Prime Minister Mario Monti, Putin also said that Russia supported efforts by the European leaders to stabilise the situation.

"Russia is not decreasing the (share) of euro-denominated assets in its reserves and has no plans to change it," Putin told a joint news conference at his summer retreat in the Black Sea resort of Sochi.

Russia, holder of the world's fourth-largest central bank reserves, has just over 40 percent of its forex reserves in euros. Its gold and foreign exchange hoard is just over half a trillion dollars.

Last Mod: 23 Temmuz 2012, 17:55
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