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Kazakhstan May Add Russian Ruble, Korean Won, Brazilian Real to Reserves

Wednesday 7 September 2011

(Bloomberg) – Kazakhstan’s central bank may add the Russian ruble, South Korea’s won and the Brazilian real to its international reserves to diversify the Central Asian nation’s holdings, Chairman Grigori Marchenko said.

Grigory Marchenko

The yuan may also be added after the International Monetary Fund (IMF) includes the Chinese currency in its Special Drawing Rights valuation basket, Marchenko told reporters in Almaty today.

Nevertheless, according to Marchenko, the Kazakh central bank isn’t planning a significant decrease of its dollar and euro holdings. At the end of 2010, the total international reserves of Kazakhstan were US $59 bln.

As a valuable economist, Grigory Marchenko was last May the candidate of Kazakhstan and other former Soviet republics to head the IMF.

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