The International Monetary Fund said today that it is considering classifying Canada’s dollar, nicknamed the loonie for the image of a loon on the C$1 coin, and Australia’s dollar, as reserve currencies. Words: 285
So says Katia Dmitrieva ( in edited excerpts from an article entitled Canadian Dollar Gains as IMF Considers Reserve Status.
Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), may have edited the article below to some degree for length and clarity – see Editor’s Note at the bottom of the page for details. This paragraph must be included in any article re-posting to avoid copyright infringement.
Dmitrieva goes on to say, in part:
The Canadian and Australian dollars “are to be considered for inclusion” separately in the IMF’s “Currency Composition of Official Foreign-Exchange Reserves” data, the Washington-based lender said. They’ve previously been included in an“other currencies” category in the COFER reports.
Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto, said in a phone interview that:
“More and more central banks are adopting a diversified approach, especially with what’s gone on in Europe and the United States. It’s another positive story on holding Canada and commodity currencies”.
In addition, Emanuella Enenajor, an economist at CIBC World Markets in Toronto, said in a phone interview that:
“This…sheds greater light on the extent to which reserve managers are investing in the Canadian dollar and the Aussie dollar. It’s a bullish signal because the IMF would only do this for a currency that is gaining in its clout potentially in reserve portfolios.”
[It is interesting to note too, that] Russia has been adding Canadian dollars to foreign-exchange reserves with Georgiy Mamedov, Russia’s ambassador to Canada, calling it a haven currency…. The country increased its holdings of the Canadian dollar in its international reserves to 1.6 percent from 0.8 percent as of January.
The loonie has climbed 1.4% this year against nine developed-nation counterparts tracked by Bloomberg Correlation -Weighted Indexes. The U.S. dollar has dropped 1.3%, and the yen leads decliners with a 7.3% drop.
Editor’s Note: The above post may have been edited ([ ]), abridged (…), and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.
Before China and Russia can boot the U.S. military out of Asia and Eastern Europe, they have to strip the dollar of its dominant role in world trade, especially of Middle Eastern oil and that’s exactly what they’re trying to do. [Let me explain.] Words: 816
Within the recent retracement of the U.S. currency there has been endless speculation about the future role of the dollar as the world’s primary reserve currency. Moreover, there has even been conjecture that the dollar will no longer exist at some point in the near future but any case made for the vulnerability of the dollar falls short when it comes to naming alternatives. Words: 631
I came to the conclusion several years ago that it was just a matter of time before the world realized that the relative functionality of the U.S. dollar was about to go belly up – to collapse – and that that time happened to coincide with that fateful date all the prophecies are going crazy about – 2012! Words: 881
Today, more than 60% of all foreign currency reserves in the world are in U.S. dollars – but there are big changes on the horizon…Some of the biggest economies on earth have been making agreements with each other to move away from using the U.S. dollar in international trade…[and this shift] is going to have massive implications for the U.S. economy. [Let me explain what is underway.] Words: 1583
Frustrated with what they viewed as being ignored by the West and not having a prominent role in institutions like the World Bank and the International Monetary Fund, Brazil, Russia, India, China and South Africa (also known as the BRICS countries) have held their second summit…[and declared war on the U.S. dollar. Let me explain.] Words: 572
Over the past few years, there have been many rumors about a coming global currency, but at times it has been difficult to pin down evidence that plans for such a currency are actually in the works but not anymore. A shocking new report by the IMF is proposing just that – a global currency beyond national control! Words: 820
A major portion of the U.S. dollar’s valuation stems from its lock on the oil industry and if it loses its position as the global reserve currency the value of the dollar will decline and gold will rise. Iran’s migration to a non-dollar based international trade system is the testing of the waters of a non-USD regime…transition to a world in which the U.S. Dollar suddenly finds itself irrelvant. [Let me explain.] Words: 1200
Conspiracy theory notwithstanding, claims that the reserve status of the U.S. dollar unfairly benefits the U.S. are no longer true. On the contrary, it has become a burden, both for America and the world. [Let me explain.] Words: 825