Developing countries cut dollar

Tuesday, 12 January 2010 07:14

The central banks of developing countries have reduced the bulk of their currency reserves held in US dollars in the past six months, US investment bank Goldman Sachs said.
The dollar is presently losing ground as a currency used for currency reserves. Therefore, the heads of the developing countries’ central banks have passed a strategic decision to cut the portion of their reserves stashed in dollars, the analysts concluded in a report.
Goldman Sachs said the share of US dollars in the overall amount of currency reserves has declined in the past five years from 60% to 57.5%.*