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Russia to stay with U.S. securities

Oct. 12, 2013 at 11:11 AM   |   Comments

WASHINGTON, Oct. 12 (UPI) -- Russian Finance Minister Anton Siluanov said the government will maintain investments in U.S. Treasury notes, as a debt ceiling deadline loomed in Washington.

"I don't see the need for changing our reserve investment strategy at present," Siluanov said to reporters after a meeting in Washington with Group of 20 finance leaders and central bank officials.

Siluanov expressed hope that a political solution could be reached to avoid the U.S. government having to default on some of its bills, RIA Novosti reported Saturday. The U.S. Treasury says the government will reach its borrowing limit sometime around Oct. 17 unless Congress enacts legislation to extend it.

About 45 percent of Russia's reserves are invested in U.S. securities, Siluanov said.

"We invest a major part of our reserves ... in U.S. securities. That is why we would certainly want the Congress and the U.S. administration collaborate to resolve this crisis as soon as possible," Siluanov said.

"These [U.S. Treasuries] are reliable securities today, and we don't plan significant changes in this policy," he said.

Siluanov said the shutdown of the U.S. government due to a budget talks impasse was a short-term problem, while investing in U.S. securities is a long-term program.

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