Greenspan Says Ruble Too Oil-Tied for Reserve Status, RIA Says

By Alex Nicholson

Oct. 16 (Bloomberg) -- Alan Greenspan said the ruble’s value is too linked to oil for it to become a reserve currency, RIA Novosti reported.

The Russian currency is at least a decade away from becoming a reserve currency because the country’s infrastructure is undeveloped, and the economy too dependent on raw materials, the former U.S. Federal Reserve chairman told the Russian news service.

President Dmitry Medvedev has urged the introduction of regional reserve currencies, including the ruble, and a supranational currency to stabilize the global economy by reducing its reliance on the dollar. Russia’s proposals for a G- 20 meeting in April included creating a supranational currency.

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net.