Russia's Medvedev calls for more reserve currencies

MOSCOW, July 5 (Reuters) - Russian President Dmitry Medvedev said in an interview published on Sunday that the world needed more reserve currencies but that there was currently no alternative to the U.S. dollar or euro. "The dollar system or the system based on the dollar and euro have shown that they are flawed. But I am a realist and I understand that today there is no alternative to the dollar or the European currency," Medvedev said in an interview with Italian media. "There should be more reserve currencies. So we consider that we need to think about the creation of regional reserve currencies," Medvedev said in interview, a text of which was supplied by the Kremlin. Medvedev has repeatedly called for reducing dependency on the U.S. dollar though in recent months the greenback has moved on such comments. Russia has about $410.5 billion in gold and foreign exchange reserves. (Reporting by Guy Faulconbridge) Keywords: RUSSIA MEDVEDEV/FOREX ([e-mail], [phone]) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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