Global use of euro dips due to debt crisis

Global use of euro dips due to debt crisis
# 03 July 2013 08:35 (UTC +04:00)

Baku – APA. International use of the euro slipped last year because of the debt crisis in Europe, APA reports quoting Arabnews. The European Central bank said that the euro's share among the currency reserves held globally by central banks fell to 23.9 percent in 2012 from 25.1 percent the previous year. The dollar's share was little changed at 61.9 percent. The ECB said the financial crisis that has afflicted the 17-country euro zone was a factor discouraging use of the euro for reserves, which are often held in the form of government bonds. The euro zone countries have struggled with heavy levels of public debt — Greece, Portugal, Ireland and Cyprus have needed financial rescue. Even larger economies like Spain and Italy have worryingly high debt. Russia is excluded. 40 percent of this country’s exchange reserves is held in euros, while this figure is 23 percent in other developed countries.

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