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    Dollar too unstable to be reliable - Russian minister

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    Russia cannot consider the dollar as a reliable reserve currency because of its instability, the finance minister said Friday.

    WASHINGTON, April 21 (RIA Novosti) - Russia cannot consider the dollar as a reliable reserve currency because of its instability, the finance minister said Friday.

    "This currency has devalued by 40% against the euro in recent years," Alexei Kudrin told a news conference in Washington on the occasion of the opening spring session of the International Monetary Fund.

    According to the Central Bank of Russia, the dollar accounted for 70% of Russia's gold and currency reserves, euro for 25% and other assets for 5% in late 2005. As of April 14, 2006, the reserves were $212 billion.

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