Russia Doubles Canadian Dollar Holdings at Euro’s Expense

The Central Bank of Russia has doubled its reserve holdings of Canadian dollars to 1.6 percent to further diversify its holdings amid global market volatility, according to the Bank of Russia’s annual report released on Wednesday.

At the same time, the bank cut its euro holdings to 42.1 percent from 43.1 percent, while increasing its US dollar holdings to 45.5 percent from 45.2 percent.

British pounds accounted for 9.2 percent of the Bank of Russia’s international reserves at the end of 2011 compared with 9.3 percent at the start of the year. Its holdings of Japanese yen remain unchanged at 1.6 percent.

Central Bank First Deputy Chairman Alexei Ulyukayev said in early 2012 that Russia plans to start holding the Australian dollar in its foreign currency reserves to further diversify.

Russia’s international reserves rose four percent in 2011 to $498.649 billion as of January 1, 2012. As of May 4, 2012, they stood at $522.9 billion.


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