Russia's Central Bank said that he started buying Canadian dollars and bonds
in an attempt to diversify their reserves. According to analysts , this move
may indicate a growing trend towards diversification of the total assets of central banks
developing countries.

Central banks seek to transfer part of the dollar-denominated investments in investment
denominated in the currencies of countries whose economies are linked to commodities
for example, in Australian dollars, writes the Financial Times. Deputy chairman Alexei
Ulyukayev said that the Central Bank will invest in Canadian bonds and deposits,
denominated in Canadian dollars. In the Russian Central Bank did not specify what proportion of
reserves are going to invest in such assets. But analysts believe this
figure could reach $ 9 billion or 2% of all reserves. According to
Adam Cole of RBC Capital Markets, a step Russia's Central Bank can not be considered significant,
when viewed in isolation from all other countries. But for now
it may be part of a much wider trend. "If it is assumed
measure the activity of other securities, it is structurally very positive for the
currencies of commodity-dependent economies such as Canada and Australia, "- says
Cole. To date, 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 the stock
markets in March last year they rose by 14%. Until now, all currency
Central Bank's reserves were equally divided between dollars and euros. Recall
Last December, Jim Flaherty, the head of the finance department of Canada
said that China and Russia, which have large foreign exchange reserves, may
start buying Canadian dollars in order to protect against a falling dollar
USA. "I just do not be surprised if China and Russia will take several more
position in the Canadian dollar than previously - said during an interview, Flaherty
in his office in Ottawa. - I would expect that countries operating on a global scale,
will actively invest in currencies that are now secure. "
In 2009, the Canadian dollar rose against the U.S. dollar by 15%.
"The level of government debt in Canada is the lowest of all countries of G7, which makes
Canadian dollar fairly safe investment object ", - stressed
Flaherty.

Share This Post: