MOSCOW, May 23 (RIA Novosti) - There will be no serious consequences from the falling U.S. dollar for Russia, the trade and economic development minister said Tuesday.
"The weakening of the dollar will not have much of an impact on us," German Gref said, adding that his ministry took the trend into account in its forecasts for Russia's socio-economic development.
"We are gradually diversifying our gold and currency reserves," the minister said, adding that he was more concerned about the effect the weakening of the dollar could have on household savings.
He said it was now better to keep private savings in the national currency in banks and invest in precious metals.
Gref said a great deal would depend on the situation in Iran and whether it would cause significant fluctuations on world trading floors.
"It is important for the U.S. administration to prevent a more rapid weakening of the dollar and more substantial growth of inflation in the United States," he said, adding that should these dynamics increase, "both Russia and the entire world will immediately feel the effects."
