Dollar’s share of currency reserves falls in Q3, IMF says
Posted by: in Stocks Money NewsFiled under: International markets, Other issues, Economic data, Federal Reserve
The dollar’s share of global foreign currency reserves dropped to a record low in the third quarter (Q3), Bloomberg News reported Friday, citing International Monetary Fund data.
The dollar comprised 63.8% of reserves at the end of September 2007, down from 65% at the end of June 2007, the IMF said. Meanwhile, the euro’s slice of the reserve pie increased during the same period to 26.4% from 25.5%. The British pound’s portion rose to 4.7% from 4.6%.
Dollar doldrums
Analyst C. Leonard Bauer, formerly of Prudential, said a constellation of factors is prompting governments to reduce dollar-based foreign exchange reserves, chief of which is the dollar’s decline versus the euro, pound, and other major currencies.
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