Expert: Ukraine has long been necessary to switch reserves from dollars to euros

Written by admin on September 10th, 2009

global financial system in the current volatile market conditions needed diversification of reserves, and Ukraine, given the current trends in the country, has long been necessary to move from dollars to euros.

This opinion was expressed RBC-Ukraine Head of the analysis of financial markets, ING Bank Ukraine Alexander Pecheritsyn, commenting on the statement by UN experts on the need to diversify the world's reserves by reducing the share of the dollar.

Everything had to diversify, so as to keep all your eggs in one basket is unwise, especially in the current volatile market conditions, and in Ukraine in the first place, - he stressed.

This expert recalled that the European Union for us is now the largest trading partner.

At the same time, according to Pecheritsyn, any sudden or abrupt transition statement weaken the dollar, which remains today the world's main reserve currency.

He also noted that in any case, the process of diversification of reserves will be very long and extend over years.

There must be handled competently, ie to find those currencies which are relatively stable and can now avoid all these speculative attacks, and act only based on fundamental factors, rather than on any speculative, - he said.

Commenting on the idea of simultaneous deposit of dollar assets by central banks in a special account substitution IMF, nominated in the SDR (special drawing rights), the expert stressed that the SDR is a synthetic currency and any currency must have some reinforcement.

If there will be SDR their reserves, then one would rely on it as a currency, and if it is simply a currency of account, which is based on the rates of some currencies, it will need to concentrate on them, - he said.

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