Dollar no longer absolute int'l reference currency: Russia
Afp, Washington
Russia contends that the dollar is no longer the absolute reference currency for international foreign exchange reserves, Russian Finance Minister Alexei Kudrin said here Friday ahead of a meeting of Group of Seven finance leaders. "The US dollar has not been very stable over the past years, for instance with regard to the euro," Kudrin told a press conference. "This in turn causes significant changes in the international situation and of course that is why we can not understand the US dollar, so far at the moment, as the universal and absolute reserve currency. So of course, this influences the world economy as well." Kudrin also cited the huge trade US trade deficit, which he said "causes concerns with regard to the dollar's status as a reserve currency." Russia for more than a year now has pegged the nominal rate of the ruble to a basket of currencies, including the euro, as well as to the US dollar.
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