8/12/2018, 5:24 PM (Source: TeleTrader)
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Siluanov: We are not done with selling US assets

Russia's Minister of Finance Anton Siluanov said the dollar is becoming more unstable and risky for payments and settlements in international trade due to inconsistent actions by the United States government. In excerpts aired on Sunday from an interview, he noted the Kremlin has reduced exposure to American investments and indicated it may reduce holdings further. The administration in Washington, the minister asserted, undermines the world reserve currency's reliability with the imposition of limits on flows for other monetary systems.

He denied there was a plan to close American companies such as McDonald's Corp. in the country. However, Siluanov didn't exclude the possibility for Russia to turn to national currencies for oil trading with foreign partners. He claimed new US sanctions are "unpleasant, but not fatal."

Russia reduced US sovereign debt in its possession by 84% to $14.9 billion, the lowest in total since 2007, in the two months through May, the latest official data showed. Still, its share of Treasuries is far behind the holdings controlled by China and Japan. Siluanov claimed the package of sanctions wouldn't cause any problems for owners of foreign exchange or ruble accounts in Russian banks and stated the central bank would prop up liquidity. The domestic currency fell on August 10 to 67.8771 per dollar, the weakest mark since April 2016.

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