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Russia and ОPEC are introducing euro payments (Oil exporters reduce dollar accumulations)
1 March 2007On Monday the IMF, which analyzes the information acting from central banks of the developed states of the world, has declared appreciable decrease in a share of dollar accumulation in reserves of the countries - oil exporters. The weakening dollar is being gradually replaced with euro, yen and pound sterling.
According to the latest data, volumes of dollar reserves of the OPEC countries, which provide up to 40 % of a world oil recovery, and also Russia in the second quarter 2006, have decreased with 67 up to 65 %. In the middle of the last year the share of the American currency made 70 %. Thus the share of euro has grown with 20 up to 22 %. Leaders of oil export understand, that the increase in volumes of the European currency in the state reserves will even more weaken dollar, therefore central banks avoid unduly advertising manipulations with currency accounts.
The experts consider, that the gradual transition to other currencies - the compelled measure as the lion’s share of all co-oil calculations and is made in becoming cheaper American currency. The purpose is to avoid depreciation of incomes of export of oil. Change in the structure of foreign financial actives is the rational answer of oil-producing countries to falling of cost of US dollar, especially if there is a sensation of that falling will proceed. When there is an uncertainty concerning the future dollar, these countries show the tendency to diversification foreign currency portfolio.
The central banks will adhere to the tendency on increase in euro and yens reserves, but the dollar for a long time will continue to remain the dominating reserve currency.
- European companies demand to stop growth of euro
- Europe has brought down dollar: the epoch of US currency has come to the end
- OPEC is not going to refuse dollar
- Russia has gained a new record on volume of gold and exchange currency reserves
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