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Central banks to stick by euro

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Central banks to stick by euro

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The euro rose after some of the world’s biggest central banks said they won’t stop investing in the single European currency.

Official sources in Brazil, India, Japan, Russia and South Korea have said they have no alternatives to the euro and the dollar in the near term because of their liquidity.

The euro’s slipped 14 percent against the dollar this year on fears of euro zone countries defaulting on their sovereign debt.

The weakness in the single currency has raised concerns whether central banks around the world, especially those surplus rich countries, will trim their holdings of the euro.

However a report on the website of state-owned Press TV said Iran’s central bank will sell 45 billion euros from its reserves to buy dollars and gold ingots.

There was no announcement of the sale on the bank’s website and officials at the bank declined comment.