Russia stocks up on loonies

Russia's central bank announced it is now adding the Canadian dollar to the country's international reserves, Bloomberg reported. The Russian government wants to diversify its holdings to hedge against any further weakening of the US dollar, so it is buying alternative currencies like Canadian and Australian dollars and stocking up on gold. Roughly 40 per cent of Russia's reserves are US dollars and 40 per cent are Euro,s with the rest in British pounds, Japanese yen and Swiss francs. The reserves used to contain half US dollars but Russia has been slowly decreasing this amount. The Canadian dollar gained 4.2 per cent against the US dollar this year.

Published: Wednesday, 12/01/2010 12:00 am EST

Russia's central bank announced it is now adding the Canadian dollar to the country's international reserves, Bloomberg reported. The Russian government wants to diversify its holdings to hedge against any further weakening of the US dollar, so it is buying alternative currencies like Canadian and Australian dollars and stocking up on gold. Roughly 40 per cent of Russia's reserves are US dollars and 40 per cent are Euro,s with the rest in British pounds, Japanese yen and Swiss francs. The reserves used to contain half US dollars but Russia has been slowly decreasing this amount. The Canadian dollar gained 4.2 per cent against the US dollar this year.

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