Euro

Developing Countries Reducing Their Euro Holdings

At lowest level in a decade

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Countries in the developing world are drastically reducing their euro holdings as economic instability in Europe leads them elsewhere to stock their currency reserves. Euro holdings are at their lowest level in a decade, according to the International Monetary Fund.

When the euro was first launched on Jan. 1, 1999, there were hopes in Europe that it might soon rival the US dollar as the world's premier reserve currency. And initially, it seemed that dream was not unrealistic, as countries around the world began filling their coffers with the European common currency.