The Euro has taken over from the dollar as the basic reserve currency of the Russian Central Bank.

The Euro-based share of the reserve assets had risen to 47.5% at 1 January 2009, exceeding the 41.5% made up by dollars, according to an annual report provided, by the Central Bank, to the State Duma.

The situation has changed drastically from a year earlier when 47% of currency assets were based on the dollar, with Europe accounting for just 42%.
The remaining investment consists of those made in British pounds, Swiss franks and Japanese yen.

The Central Bank’s report also revealed that the reserve assets held by the bank fell by US$56.6 billion last year, mostly fueled by the interventions needed to prevent Russians stockpiling foreign currencies.

The percentage of the Bank of Russia’s investment that aremade in state securities of foreign issuers has increased quickly in the past year. Now, around a third of its international reserves are held in US Treasury bonds.