Greenspan: Russian Ruble could not yet become a reserve currency

Russian Ruble to date has no chance of becoming even a regional reserve currency because of excessive attachment to the cost of oil, says former head of the U.S. Federal Reserve Chairman Alan Greenspan.

"Transition as a reserve currency, even regional scale is dependent on many factors, including how the trust and the possibility of full conversion. Ruble does not yet have the potential to become a reserve currency because of excessive attachment to one indicator - the cost of oil" - Greenspan said.

According to him, Russia has "historically and infrastructure, and because the economy is not diversified, and is based on commodity exports, the national currency can not qualify for reserve status.



Greenspan believes that even if Russia will go to drastic steps to modernize the economy, will require not less than ten years to ensure that Russian Ruble could be perceived as a reserve currency.

He believes that as long as the main reserve currency the dollar will remain, despite their variations, while excessive buildup of debt, including through the funding of anti-crisis measures can be costly for America in the future.

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