Russia Central Bank: no early decisions on reserve currency

Reuters reports that, “The Russian central bank does not expect any decisions on a new global currency any time soon with the dollar remaining the main reserve unit, First Deputy Chairman of the central bank Alexei Ulyukayev said on Friday.

Reserve holders China and Russia sparked a heated debate ahead of the G20 summit in London next week proposing to use the International Monetary Fund’s Special Drawing Rights as a new global reserve currency.

‘This is a very lengthy process… For a very long time the dollar will stay the reserve currency used for both private and state investment, including by central banks and sovereign wealth funds,’ Ulyukayev told Echo Moskvy radio station.”

read more: Reuters

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