Russian Central Bank Buys Canadian Dollars
By: Ainsley Brown
The Russian central bank, the Bank of Russia, announced today that it will begin to further diversify its foreign 
currency reserves by buy Canadian dollar dominated deposits and securities.
The move is in response to the falling value of the US dollar and the appreciation of commodity based currencies such as the Canadian and Australian dollars. While it was not disclosed by the Russians what percentage of the Canadian dollar would make up their reserves, the move could have a significant impact on the international money trading market generally and in particular the Canadian dollar.
With the third largest foreign currency reserve in the world can anyone deny the power of the Russians to affect the market?
