Euro’s Share In Reserves Overtakes U.S. Dollar

…The Moscow Times reports. Russia’s reserves, that is.

The euro’s share in Russia’s forex reserves, the world’s third-largest, overtook that of the dollar last year as the country pressed on with a gradual diversification, the Central Bank’s annual report showed.

The euro’s share increased to 47.5 percent as of Jan. 1 from 42.4 percent a year ago, according to the report, which was submitted to the State Duma on Monday.

The dollar’s share fell to 41.5 percent from 47 percent at the start of 2008 and 49 percent at the start of 2007.

Is this significant? I have no idea.

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2 Comments

  1. Posted May 21, 2009 at 5:04 pm | Permalink

    Its significant only if you are interested in Russian forex reserve.

  2. Posted May 21, 2009 at 10:57 pm | Permalink

    What about all the stuff with the dollar being THE reserve currency and all that?


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