Russia puts the reserves from U.S. dollars to Canadian

Central Bank of Russia reported that he started buying Canadian dollars and bonds in an attempt to diversify its reserves. According to analysts, this move could mean a growing trend towards the diversification of all the assets of central banks in developing countries.
Central banks seek to transfer part of dollar-denominated investments in investments denominated in the currencies of countries whose economies are linked to commodities, such as the Australian dollar, writes Financial Times.

deputy chairman of the Central Bank Alexey Ulyukayev said that the CBR will invest in the Canadian deposits and bonds denominated in Canadian dollars. In the Central Bank of Russia did not specify what proportion of the reserves are going to invest in such assets. But analysts believe that figure could reach $ 9 billion or 2% of all gold reserves.

said Adam Cole of RBC Capital Markets, a step Russia”s Central Bank can not be called significant, if you look at it in isolation from all other countries. But today he can be part of a much wider trend. “If it is considered an indicator of activity of other Bank, it is structurally very positive for the currencies of commodity-dependent economies such as Canada and Australia”, - said Cole.

Today Russia - the third in the world in terms of gold reserves. At the end of December, they reached $ 439 billion since the beginning of the rally in equity markets in March last year they increased by 14%. Until now, all foreign exchange reserves of the Central Bank were equally divided between dollars and euros.

Recall that in December last year, Jim Flaherty, the head of the finance department of Canada, said that China and Russia, have vast foreign exchange reserves, may begin to purchase Canadian dollars in order to protect against falling U.S. dollar.

“I am not at all surprised if China and Russia will take several more positions in the Canadian dollar than previously - Flaherty said during an interview in his office in Ottawa. - I expect that the counc61tries operating on a global scale, there will be increased invest in currencies that are now reliable.

In 2009, the Canadian dollar increased against the U.S. dollar by 15%.

“The level of government debt in Canada is the lowest of all countries of G7, which makes the Canadian dollar subject to a fairly safe investment”, - said Flaherty.

External background before the opening of Russian sites is negative: America closed lower, Asia traded mostly down
SUEK expects to attract about $ 1 billion in its IPO
The only positive news yesterday there were reports XEROX and Goldman Sachs
The external background is negative: America closed lower, Asia traded mostly down
Yesterday, the euro /dollar has risen dramatically in the U.S. session, more than 100 points and reached a mark 1.4140
The Prime Minister demanded that ArcelorMittal-Krivoy Rog “radical increase in salaries
Banking initiatives Obama brought down shares of financial institutions
For Sale Ukrainian TV channels has increased the cost of CME
Ukraine may independently expend resources of IMF