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Russia retains confidence in US dollar

Tags: dollar, US debt, News, Business, Russia, credit rating , World
 
Aug 6, 2011 16:45 Moscow Time
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Russia has no plans to scale down its sovereign investment in assets that are nominated in US dollars.

Deputy Finance Minister Sergei Storchak was speaking about this in Moscow Saturday after Standard & Poor’s downgraded its rating of America’s national debt from the maximum AAA level to AA+. Mr Storchak described this reduction as insignificant and without long-term consequences for financial markets. 

Russia keeps 45 percent of its sovereign wealth funds in US dollars, 45 percent, in euros, and 10 percent, in British pounds.

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