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    Russia's central bank to invest reserves in Australian dollar

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    The Russian central bank will invest some of its international reserves in the Australian dollar, First Deputy Chairman Alexei Ulyukayev said on Wednesday.

    MOSCOW, December 1 (RIA Novosti) - The Russian central bank will invest some of its international reserves in the Australian dollar, First Deputy Chairman Alexei Ulyukayev said on Wednesday.

    "At the latest board meeting, we decided to include the Australian dollar into the list of currencies (to invest reserves in). This gives us the right to start get ready for investment. Experience shows that this could take up to half of a year," Ulyukayev told a banking forum.

    Real operations with the Canadian dollar started a year after the investment decision had been made, he said.

    The central bank started test operations with the Canadian dollar at the end of November. Although its share in the reserves is small, the currency has the potential to widen its share in central bank's holdings, Ulyukayev has said.

    Currently, the U.S. dollar accounts for 47 percent of Russia's international reserves, while the euro accounts for 41 percent, the UK pound sterling for 10 percent and the yen for two percent.

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