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Russia may put reserves in BRIC bonds

(Agencies)
Updated: 2009-06-16 16:14

YEKATERINBURG, Russia -- The Kremlin's top economic adviser says Russia may put part of its currency reserves in bonds issued by Brazil, China and India.

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Arkady Dvorkovich says Russia could make the move if the other three nations reciprocate. Brazil, Russia, India and China are the members of the BRIC group of leading emerging economies.

Dvorkovich told a briefing Tuesday that the move could be part of efforts to diversify financial instruments.

He also proposed revising the way the International Monetary Fund's obligations are valued. He said the ruble, the yuan and gold should be part of a revised basket of currencies to form the valuation of the IMF's special drawing rights, or SDRs.

The remarks came ahead of a BRIC summit Tuesday in Yekaterinburg, Russia.

Earlier Tuesday, Russian President Dmitry Medvedev spoke at a summit of the Shanghai Cooperation Organization, which includes China and four Central Asian nations, that the world needs new reserve currencies besides dollar.

Medvedev said that the creation of new reserve currencies in addition to the dollar is needed to stabilize global finances.

Medvedev has made the proposal before. It reflects both the Kremlin's push for greater international clout and a concern shared by other countries that soaring US budget deficits could spur inflation and weaken the dollar.