Opec turns its back on dollar

In its quarterly review, the BIS said there has been "a subtle but noticeable" shift in the composition of deposits over the last three years. "Since the third quarter of 2001, oil revenue seems to have been channelled increasingly into euro and other currency deposits. US dollar-denominated deposits fell from 75% of total deposits in the third quarter of 2001 to 61.5% in the last quarter," the bank said. Meanwhile, the share of euro denominated-deposits rose from 12% to 20% over the same period

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