Developing countries cut dollar reserves: Goldman
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%.*
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%.*
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