MOSCOW, October 16 (RIA Novosti) - The rate of de-dollarization in the Russian economy equaled about $10 billion at the end of the third quarter of 2006, the first deputy chairman of the Central Bank of Russia said Monday.
The rate of de-dollarization, representing a decline in the use of the U.S. currency, hit $5 billion in the first six months of 2006, and $5 billion in July-September 2006, Alexei Ulyukayev told a conference on capital markets and debt instruments.
As the Russian economy and its energy sector grows, and the national currency appreciates in real terms in line with rising global oil prices, the U.S. dollar is becoming less attractive as an instrument of savings in Russia. The dollar as a currency of choice has been losing ground in general since the introduction of the euro in 1999, which defied expectations by overtaking the dollar in value.
