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Kazakhstan Plans to Cut U.S. Dollar Content in Its Reserves

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posted on Dec, 12 2007 @ 05:15 AM
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Kazakhstan Plans to Cut U.S. Dollar Content in Its Reserves


www.bloomberg.com

ec. 12 (Bloomberg) -- Kazakhstan, holder of 3.3 percent of the world's oil, will cut the proportion of dollars in its foreign reserves by 5 percentage points in ``the near future'' as the U.S. currency falls, the chairman of the nation's central bank said.

Today, we are studying which currency to include'' in place of the dollar, Saidenov said. ``The currency must be liquid and profitable, like the Hong Kong dollar, for instance,'' he said.

Russia may also change the mix of currencies in its reserves, the central bank's deputy chairman, Konstantin Korishchenko, said in an interview on Nov. 15.



(visit the link for the full news article)




posted on Dec, 12 2007 @ 05:15 AM
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The chairman said

``We plan to reduce both the central bank's and the oil fund's reserves in U.S. dollars down to 40 percent because of the current decline in the dollar's value,''

This isn't good for the United States with the countries who are planning to drop the dollar. Expect more to come in the new year.

www.bloomberg.com
(visit the link for the full news article)



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