Hot news:
60% of China underground water polluted Village turns into island in Kazakh steppe Kazakhstan is very concerned over Ukraine: Tokayev Kazakhstani writer Ilya Odegov wins Russian Award UK woman held for murder after children's bodies found Russia expels Canadian diplomat Judge's order on CIA secret prisons released in full UK revokes Ablyazov's refugee status US sending 600 troops to Poland, Baltics for drills Pentagon scientists show off life-size robot Brazil ex-leader Kubitschek was not murdered Fifty years of Mustang cool: is China along for the ride? Australia boosts air power with $11.6bn purchase of 58 F-35s Small French park becomes home for desperate Syrian families Balkhash lake named best place for nuclear power plant in Kazakhstan Pirates kidnap three on Singapore tanker off Malaysia Vienna's Versailles offers imperial hideaway Oscar show producers to return in 2015 Sri Lanka detains British tourist over Buddha tattoo GSK, Novartis unveil major healthcare revamp Death toll in South Korea ferry disaster crosses 100 Teen survives five-hour flight in airplane wheel well British corruption of minors case hearing in Uralsk postponed for one month Boston prisoners' legal proceedings may be postponed: Stall Full-scaled resumption of crude production at Kashagan expected at the end of 2015 Military parade due on May 7 in Astana Brunei delays introduction of tough Islamic law Kazakhstan movie in Cannes Festival programme Hitler, Kazakhstan and editorial struggle Passenger train derailed in Kazakhstan's west, 44 injured Biden meets Ukraine leaders as Russia, US swap blame on crumbling deal China's Shandong Airlines orders 50 Boeing planes for $4.6 bn South Korea says North may be close to nuclear test Kazakh chess princess Zhansaya Abdumalik takes 3rd place at Asia Continental Almaty Marathon raises $55 thousand for charity Juicy court case leaves Coca-Cola on defensive Formula One boss faces bribery charges in German trial Police arrest 250, seize weapons in Argentina Gladiators, horsemen help fete Rome's 2,767th birthday Powdered alcohol poised to hit US stores UN evacuates 100 Muslims from C. Africa capital Canadians rally to legalize marijuana Step aboard Orient Express for journey back in time Guides, climbers cancel Everest expeditions after tragedy Queen Elizabeth portrait released to mark 88th birthday President says ferry crew's actions 'tantamount to murder' Most Bangladesh factory survivors still too sick to work Tennis: Kazakhstani Zarina Diyas gets in WTA Top-100 Facebook wants to beam the Internet from the sky Philippines' oldest artworks in danger of disappearing Canadian woman's letter arrives -- after 45-year delay Peru probes killing of endangered penguins Brazil passes trailblazing Internet privacy law

Australia welcomes move to count Aussie as reserve currency

Thursday, 22.11.2012, 18:56
Comments (0)
Australia welcomes move to count Aussie as reserve currency
Photo courtesy of financeenquiry.com
Australia hailed as an endorsement of its economic strength Wednesday IMF moves to count its dollar as a foreign reserve currency, though its central bank chief downplayed it as a technicality, AFP reports.

The mining-powered Australian dollar has consistently traded near or above parity with the greenback for more than two years as commodity prices have boomed on the back of China's rapid modernisation.

The International Monetary Fund said late last week that the Australian and Canadian dollars ought to be considered for inclusion in its so-called COFER reporting of foreign exchange reserves from next year.

COFER currently counts foreign holdings of US dollars, the euro, pound sterling, Japanese yen and Swiss francs.

Australia is among 10 nations counted under "other currencies" but the IMF said a "relatively high number" of countries were now reporting Aussie dollar holdings and they "are to be considered for separate identification in COFER reporting".

Treasurer Wayne Swan welcomed the IMF recommendation.

"This IMF decision is yet more confirmation that Australia is seen as a safe haven for global capital and one of the most attractive investment destinations in the world," Swan said in a statement.

"While we know the high dollar makes life hard for some sectors of our economy, it also reflects our strong fundamentals during the ongoing and acute volatility experienced in the global economy."

Swan said Australia's economy had grown 11 percent since the onset of the financial crisis and was now the world's 12th largest.

Reserve Bank of Australia governor Glenn Stevens downplayed the move as a "classification change" and said the Aussie dollar had been a "small reserve currency for quite a few countries for about 25 years".

"Asian central banks in particular have had substantial Australian dollar reserves for quite a while," Stevens said in remarks following a speech Tuesday night, reported by The Australian newspaper.

Stevens said the IMF comments were not "actually any particular endorsement that makes us more of a reserve currency than we were".

But he said it would help shed light on just how much Australian currency was being held by central banks, in particular those in Asia.

"We don't know how much, as they won't say," he said. "(Now) we may find out."
Views: 237    Comments: 0
preloader
Add a comment
preloader

2014
2008
2009
2010
2011
2012
2013
2014
April
January
February
March
April
May
June
July
August
September
October
November
December

News
Archive

Mo Tu We Th Fr Sa Su
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30

Feature stories