Central banks dump U.S. dollars
October 12, 2009
The pressure on the dollar increases. Central banks, which sit on huge amounts of financial resources, dumping the U.S. currency in favor of the euro and the Japanese yen.
The financial news agency Bloomberg last quarter, central banks have their financial reserves built up with 413 billion U.S. dollars. Total reserves now amount to 7.3 trillion U.S. dollars. Some 63 percent of the growth will fall on the euro and the yen.
In 1999, the share of the dollar in the new reserve was 63 percent. Analysts expect the coming months that the currency remains under pressure.
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