Loonie to get IMF recognition as reserve currency

Financial Post | Business

The Australian and Canadian dollars will be separately identified in the International Monetary Fund’s data on official reserve holdings from the third quarter, the fund said.

The so-called Aussie gained 50% since the end of 2008 and the loonie advanced 21% versus the U.S. currency as investors, including central banks, seek to diversify their holdings of dollars as well as euros. More than 75% of 60 central banks polled in February are investing in or may buy the two currencies, Royal Bank of Scotland Group Plc said April 7. The IMF releases quarterly data on US$6.1 trillion in allocated reserve assets in its Composition of Official Foreign Exchange Reserves report.

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“These two currencies are expected to be included in the data from third quarter 2013,” Ismaila Dieng, an IMF spokesman, said in an e-mailed response to questions. “The proposal is to separately identify these currencies in the COFER…

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