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. Last Updated: 07/27/2016

Former U.S. Fed Chief Says Ruble Not Reserve Currency

MOSCOW — The ruble is a long way away from becoming a reserve currency, even on a regional level, former U.S. Federal Reserve Chairman Alan Greenspan was quoted as saying on Friday.

Russia has been pushing for less global dependence on the dollar and greater international use of its own currency, including agreeing with China to increase bilateral trade in rubles and yuan.

"The move to being a reserve currency, even on a regional scale, depends on many factors, including trust and the possibility of full conversion," Greenspan told RIA-Novosti.

"The ruble for now has no prospect of becoming a reserve currency due to excessive dependence on one indicator — the cost of oil."

Finance Minister Alexei Kudrin said earlier this week that the ruble already "has the signs" of being a regional reserve currency