Reuters: US Dollar Report: UPDATE 1-Russia says will not switch out of euro reserves

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UPDATE 1-Russia says will not switch out of euro reserves Nov 27th 2012, 14:07 Tue Nov 27, 2012 9:07am EST PARIS Nov 27 (Reuters) - Russia has no plans to switch its euro-denominated foreign exchange reserves into other currencies, Prime Minister Dmitry Medvedev said on Tuesday during a visit to Paris. Russia's central bank has the world's fourth-largest currency reserves, and as of January this year 42 percent were held in euros and 45 percent in U.S. dollars, with the rest in currencies like sterling, yen and Canadian dollars. Medvedev said he had every intention of maintaining the proportion of euros as he was confident the euro zone would find its way out of its debt crisis. "We have no intention of reallocating them ... Despite the problems (in the euro zone) we think it will get better," he told journalists. Russia's central bank has signalled in the past that it could diversify its forex reserves by adding other currencies such as the Australian dollar, shifting the share of the other assets it holds. In May, however, Medvedev told Russia's partners in the Group of Eight that it would not reduce its share of euro reserves as it did not want to send the wrong signal about the situation in Europe. Russian gold and forex reserves stood at $522.2 billion last week.

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