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Dollar share in international reserves falls below 60% — diplomat

Maria Zakharova recalled that this figure was 72% in 2002

MOSCOW, August 30. /TASS/. The share of the US dollar in international reserves fell below 60%, while the share of alternative currencies in international settlements is increasing, Russian Foreign Ministry Spokeswoman Maria Zakharova said on Wednesday.

"The share of currencies other than the dollar and the euro in international settlements is increasing. <…> The share of the US dollar in international reserves has fallen below 60%," she stated.

The diplomat recalled that this figure was 72% in 2002. "The euro has now fallen to 19%, from 28% in 2008. By the way, the yuan has risen to 3%, a threefold growth since 2016," Zakharova added.

She mentioned that many countries have increased their efforts to find ways to use their local currencies in international transactions, the yuan being the most actively promoted one.

Russian President Vladimir Putin said in a video address to participants of the BRICS Business forum earlier that the de-dollarization process is becoming irreversible across BRICS nations. "A balanced, irreversible process of de-dollarization of our economic ties is gaining steam, with efforts undertaken to develop efficient mechanisms of mutual settlements, as well as monetary and financing control. As a result, the share of the dollar in export and import transactions within BRICS is declining as it only equaled 28.7% last year," he said.