Putin says Russia doesn't plan to reject dollar but risks should be stemmed

Section:

By Dennis Pinchuk
Reuters
Friday, July 27, 2018

JOHANNESBURG, South Africa -- Russia has no plans to reject the U.S. dollar, even though Washington has undermined trust in its currency by using it as an argument in political disputes, Russian President Vladimir Putin said today.

"Russia is not rejecting the dollar. ... We are not planning to make any sudden moves," Putin said, when asked if Russia plans to decrease its holdings of the U.S. currency in its reserves.

... Dispatch continues below ...



ADVERTISEMENT

Fisher Precious Metals is preparing and equipping
clients for the upcoming 'Everything Bubble'

Fisher Precious Metals, voted North America's bullion dealer of the year for 2018 and known for personal service and great pricing, has been helping Americans and Canadians protect their wealth with precious metals for more than a decade. Enjoying a five-star client rating across the internet with no complaints at the Better Business Bureau, the team at Fisher Precious Metals works hard to serve you.

We have helped thousands of clients in buying and selling bullion, arranging segregated and offshore storage, establishing precious metals IRAs, and obtaining certified precious metals appraisals. We provide security to our clients with our Bullion Authenticity Guarantee. We recommend that you read our article "How to Avoid Bullion Counterfeits":

https://fisherpreciousmetals.com/precious-metals/bullion-authentication/

As a family-owned business, we strive to help you assess your wealth-protection goals and overall investment objectives. From the new precious metals buyer to the seasoned bullion investor, we are here to help you with a no-pressure, confidential consultation. Rest assured that everyone in our firm owns physical precious metals and no one is compensated via commission -- period.

Fisher Precious Metals is your full-service precious metals investment partner for life. Please call us at 1-800-390-8576 or visit us here:

https://fisherpreciousmetals.com



Putin addressed the question on the dollar days after data showed Russia has ditched its holdings of U.S. Treasuries in the past few months amid further deterioration of relations between Moscow and Washington.

"We have been using it and will use it to the extent the U.S. financial authorities allow for," Putin said about the dollar, speaking at a news conference at the BRICS summit in South Africa. ...

With nearly $460 billion in state reserves, the Russian central bank has been increasing the share of gold and the Chinese yuan in its coffers amid risks of more sanctions that could target Russia’s ability to trade globally.

"We understand such risks and we are trying to minimise them," Putin said, referring to risks of sanctions.

Putin also said the United States "undermines trust in the dollar as the reserve currency" by imposing restrictions on settlements in dollars.

"This prompts dozens of countries consider other options," Putin said, adding that the Chinese yuan is now obtaining more of the qualities required for the role of reserve currency.

... For the remainder of the report:

https://www.reuters.com/article/safrica-brics-putin-dollar/update-1-puti...

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
http://neworleansconference.com/wp-content/uploads/2018/07/NOIC_2018_Pow...

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16