The International Monetary Fund is about to start releasing data on central banks’ foreign exchange reserves in Australian and Canadian dollars as these two currencies are gaining significance on the markets, MarketWatch informs referring to an IMF representative.
Presently, the IMF publishes the Composition of Foreign Exchange Reserves in US dollars, euros, pounds, Swiss francs, and yen.
Economists have repeatedly noted that the IMF reports are ineffective for assessing the international reserves, as the Composition of Foreign Exchange Reserves is presently regarded as a state secret in the People's Republic of China owning the largest part of these assets. By the end of 2012, the international reserves of China were estimated at $3.3 trillion, while the total foreign exchange assets of the world’s central banks equalled about $11.5 trillion.
Russia ranked in the top five has $526 bn in foreign exchange assets.
International reserves are assets held in central banks that can be employed to stabilize the national currency rate or repay debts. As a rule, international reserves are represented by highly liquid currencies a country trades in and precious metals, particularly gold. Special drawing rights created by the IMF are also considered to be international reserve assets.
