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US Dollar share of global foreign exchange reserves drops to 25-year low
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US dollar share of global foreign exchange reserves drops
08 May 2021, 21:18 GMT+10
Washington DC [USA], May 8 (ANI): The share of US dollar reserves held by central banks fell to 59 per cent its lowest level in 25 years during the fourth quarter of 2020, according to a recent survey by the International Monetary Fund (IMF).
Findings of the IMF s Currency Composition of Official Foreign Exchange Reserves (COFER) survey say this partly reflects declining role of US dollar in global economy in the face of competition from other currencies used by central banks for international transactions.
If the shifts in central bank reserves are large enough, they can affect currency and bond markets, said Serkan Arslanalp, Deputy Division Chief in balance of payments division of IMF s statistics department, and economist Chima Simpson-Bell.