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Kremlin aide sees gold gaining importance in reserves

Section: Daily Dispatches

From RIA Novosti, Moscow
Friday, June 5, 2009

ST. PETERSBURG, Russia -- Gold could start playing a more important role in Russia's reserves due to the influence of regional currencies, a Kremlin aide said on Friday.

Addressing the St. Petersburg International Economic Forum, Russian President Dmitry Medvedev earlier said the structure of the global currency system would inevitably change with the increasing role of regional reserve currencies, and called for a reassessment of the potential role of gold in the global currency system.

"I do not think it [gold] will replace everything else -- it would be naive and unjustified. But the growing role of gold amid the crisis could be a topic of discussions in the near future," Arkady Dvorkovich told the TV channel Vesti.

He ruled out a return to the gold standard monetary system.

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