Putin says Russia to diversify its state reserves

Russian President Vladimir Putin walks before an inauguration ceremony at the Kremlin in Moscow. Alexander Zemlianichenko/Pool via REUTERS

MOSCOW (Reuters) - Russia will diversify its international reserves further, President Vladimir Putin said on Tuesday.

“The monopoly of the U.S. dollar is not reliable enough, it is dangerous for many,” Putin told Russia’s lower house of parliament.

Russia held 45.8 percent of its reserves in U.S. dollars as of Jan. 1, 2018, the central bank data showed last week.

The central bank also holds other currencies in state reserves, which last stood at $460.4 billion. A significant part of the reserves is held in gold.

Reporting by Denis Pinchuk; Writing by Katya Golubkova; Editing by Andrey Ostroukh