BUSINESS

Euro use in currency reserves slips slightly to 25 per cent, remains resilient despite crisis

07/11/2012 07:39 EDT | Updated 09/10/2012 05:12 EDT
FRANKFURT - The euro remained in strong demand as a reserve currency in spite of the debt crisis wracking the 17 countries that use it.

The single European currency made up 25.0 per cent of countries' holdings of foreign exchange reserves at the end of last year, down slightly from 25.4 per cent at the end of 2010.

The U.S. dollar, the world's leading currency for reserve use, saw its share of global reserves fall slightly to 62.1 per cent, down from 62.2 per cent at the end of 2011.

ECB head Mario Draghi said in a statement Wednesday that the ECB's focus on preserving the stable value of the 17-country currency "continued to underpin the international use of the euro as a store of value."