Credit rating reform

• Book ID: 104366119
• Publisher: Elsevier Science
• Year: 2003
• Tongue: English
• Weight: 275 KB
• Volume: 16
• Category: Article
• ISSN: 0961-1290
• DOI: 10.1016/s0961-1290(03)00704-x

✦ Synopsis

says the central bank had been amassing euros in its currencies basket for several months and this is likely to continue to ensure diversification of holdings in a climate of currency instability. The proportion of euros in Russia's reserves was now more than 25%, compared with less than 10% at the start of '02. Chief economic advisor, Andrei Illarionov said the share of euros was set to grow further. Russia's foreign trade is 38% denominated in euros. The shift to the euro is significant because it is likely to be a long-term shift, Russia moving closer to Europe.