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Russia likely to cut dollar's share in international reserves says Kremlin aide

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Russia's central bank is likely to cut the share of U.S. dollars in its international reserves, Kremlin aide Arkady Dvorkovich said on Wednesday.

Russia's central bank is likely to cut the share of U.S. dollars in its international reserves, Kremlin aide Arkady Dvorkovich said on Wednesday.

"This is a prerogative of the Central Bank but I expect the trend of decreasing investment in U.S. dollars to continue," Dvorkovich said, adding however, that the monetary regulator was unlikely to increase the share of euros in its international reserves.

Russia's central bank regularly diversifies the structure of the country's international reserves, which hit about $520 billion as of June 17.

In the fall of 2011, the Bank of Russia plans to add the Australian dollar to its reserves.

Bank of Russia chief Sergei Ignatyev said in May Russia's international reserves comprised U.S. dolars (47 percent), euros (41 percent), British pounds (nine percent), the Japanese yen (two percent) and the Canadian dollar (one percent).

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