Russia to Buy Canadian Dollars, Considers Other Currencies

Russia’s central bank plans to add Canadian dollars to its reserves and may include other
currencies as it seeks to lessen its dependence on the greenback.

“Technical preparations for transactions in Canadian dollars are underway,” a Bank Rossii
official said by phone in Moscow, declining to be identified in line with the regulator’s
policy. “Then there may be
one, two other currencies and that’s it,” he said, confirming
remarks to parliament today by Sergei Shvetsov, the central bank’s financial operations
chief.

Russia’s reserves, the world’s third largest, are currently made up of 47 percent U.S.
dollars, 41 percent euros, 10 percent pounds and 2 percent yen.

Russia keeps about 35 percent of its international reserves in U.S. Treasury debt.