Russia may rethink euro in reserves after Cyprus Medvedev says

Thursday 21st March, 2013

Russia may need to review the share of euros it holds in its central bank reserves over the euro zone’s bungled handling of a bailout of Cyprus, Prime Minister Dmitry Medvedev was quoted on Thursday as saying.”I would like to answer in an optimistic way but I have to say that this is a reason to think about it,” Medvedev said when asked whether the situation in Cyprus was a reason to reduce the euro share of Russia’s reserves, according to Interfax.Some 42 percent of Russia’s foreign exchange holdings – the world’s fourth-largest – were held in euros as of January 1 this year, when Russia’s to…

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