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Press Release No. 03/196
November 19, 2003
International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA

Revised IMF Annual Report Data on Official Foreign Exchange Reserves

Data on the currency composition of international foreign exchange reserves published in the International Monetary Fund's 2003 Annual Report have been revised, as shown in the attached tables, in the light of improved country data. The chief revision in the new tables, which replace Tables 1.2 and 1.3 in Appendix I of the Annual Report for the year ended April 30, 2003, is to report as euro holdings reserves originally reported as being held in unspecified currencies.

Attachment 1: Revised tables 1.2 and 1.3

Attachment 2: Original tables 1.2 and 1.3
(Use the free Adobe Acrobat Reader to view this file, 75kb)




ATTACHMENT I
Appendix I

     

REVISED

                 
                             

Table I.2. Share of National Currencies in Total Identified

 

Official Holdings of Foreign Exchange, End of Year1

 
                             

(In percent)

 

 

1993

1994

1995

1996

1997

1998

1999

 

2000

 

2001

 

2002

 

All countries

                           
                             

U.S. dollar

56.6

56.5

56.9

60.2

62.2

65.7

67.9

 

67.5

 

67.5

 

64.5

 

Japanese yen

7.7

7.9

6.8

6.0

5.2

5.4

5.5

 

5.2

 

4.8

 

4.5

 

Pound sterling

3.0

3.3

3.2

3.4

3.6

3.9

4.0

 

3.8

 

4.0

 

4.4

 

Swiss franc

1.1

0.9

0.8

0.8

0.7

0.7

0.6

 

0.7

 

0.6

 

0.7

 

Euro

--

--

--

--

--

--

12.7

2

15.9

2

16.4

2

18.7

2

Deutsche mark

13.7

14.2

13.7

13.0

12.8

12.2

--

 

--

 

--

 

--

 

French franc

2.3

2.4

2.3

1.9

1.4

1.6

--

 

--

 

--

 

--

 

Netherlands guilder

0.7

0.5

0.4

0.3

0.4

0.4

--

 

--

 

--

 

--

 

ECUs3

8.2

7.7

6.8

5.9

5.0

0.8

--

 

--

 

--

 

--

 

Unspecified currencies4

6.8

6.6

9.2

8.6

8.7

9.3

9.3

 

6.9

 

6.6

 

7.3

 

                           

Industrial countries

                         
                             

U.S. dollar

50.2

50.8

51.8

56.1

57.9

66.7

72.8

 

72.7

 

73.4

 

70.0

 

Japanese yen

7.8

8.2

6.6

5.6

5.8

6.6

6.5

 

6.3

 

5.6

 

4.7

 

Pound sterling

2.2

2.3

2.1

2.0

1.9

2.2

2.3

 

2.0

 

1.8

 

2.2

 

Swiss franc

0.3

0.2

0.1

0.1

0.1

0.2

0.1

 

0.2

 

0.3

 

0.6

 

Euro

--

--

--

--

--

--

10.8

2

17.2

2

17.5

2

21.3

2

Deutsche mark

16.4

16.3

16.4

15.6

15.9

13.4

--

 

--

 

--

 

--

 

French franc

2.6

2.4

2.3

1.7

0.9

1.3

--

 

--

 

--

 

--

 

Netherlands guilder

0.4

0.3

0.2

0.2

0.2

0.2

--

 

--

 

--

 

--

 

ECUs3

15.2

14.6

13.4

12.0

10.9

1.9

--

 

--

 

--

 

--

 

Unspecified currencies4

4.8

5.0

7.0

6.7

6.4

7.4

7.6

 

1.6

 

1.3

 

1.2

 

                           

Developing countries

                         
                             

U.S. dollar

64.0

62.9

62.0

64.0

65.8

64.9

64.2

 

63.7

 

63.5

 

60.8

 

Japanese yen

7.5

7.6

6.9

6.4

4.7

4.5

4.6

 

4.4

 

4.3

 

4.3

 

Pound sterling

4.0

4.4

4.3

4.8

5.1

5.1

5.3

 

5.2

 

5.5

 

5.9

 

Swiss franc

2.0

1.7

1.5

1.4

1.1

1.1

1.1

 

1.0

 

0.9

 

0.8

 

Euro

--

--

--

--

--

--

14.2

 

15.0

 

15.6

 

16.9

 

Deutsche mark

10.5

11.9

11.0

10.6

10.3

11.2

--

 

--

 

--

 

--

 

French franc

2.0

2.4

2.3

2.0

1.8

1.9

--

 

--

 

--

 

--

 

Netherlands guilder

1.0

0.8

0.6

0.5

0.6

0.5

--

 

--

 

--

 

--

 

ECUs3

--

--

--

--

--

--

--

 

--

 

--

 

--

 

Unspecified currencies5

9.1

8.3

11.4

10.3

10.7

10.8

10.6

 

10.8

 

10.2

 

11.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Note: Components may not sum to total because of rounding

                             

1Only IMF member countries that report their official holdings of foreign exchange are included in this table.

 

2 Not comparable with the combined share of euro legacy currencies in previous years because it excludes the euros received by euro area members when their previous holdings of other euro area members' legacy currencies were converted into euros on January 1, 1999.

3 In the calculation of currency shares, the ecu is treated as a separate currency. Ecu reserves held by the monetary authorities existed in the form of claims on both the private sector and European Monetary Institute (EMI), which issued official ecus to European Union central banks through revolving swaps against the contribution of 20 percent of their gross gold holdings and U. S. dollar reserves. On December 31, 1998, the official ecus were unwound into gold and U. S. dollars; hence, the share of ecus at the end of 1998 was sharply lower than a year earlier. The remaining ecu holdings reported for 1998 consisted of ecus issued by the private sector, usually in the form of ecu deposits and bonds. On January 1, 1999, these holdings were automatically converted into euros.

 

4 The residual is equal to the difference between total foreign exchange reserves of IMF member countries and the sum of the reserves held in the currencies listed in the table.

 

5 The calculations here rely to a greater extent on IMF staff estimates than do those provided for the group of industrial countries.

 

REVISED
Table 1.3. Currency Composition of Official Holdings of Foreign Exchange,

End of year1

(In millions of SDRs)


1994

1995

1996

1997

1998

1999

2000

2001

2002


U.S. dollar

Change in holdings

32,576

73,532

121,226

87,767

18,493

104,131

119,052

85,658

26,963

Quantity change

57,157

78,527

103,285

45,115

48,634

85,871

73,287

50,378

109,347

Price Change

-24,581

-4,995

17,941

42,652

-30,141

18,260

45,764

35,280

-82,384

Year-end value

423,269

496,801

618,027

705,793

724,287

828,418

947,470

1,033,128

1,060,091

Japanese yen

Change in holdings

6,000

19

2,685

-3,197

981

7,043

6,342

1,267

-535

Quantity change

3,074

3,076

8,061

-56

-3,489

-2,185

11,074

8,690

-1,578

Price Change

2,926

-3,057

-5,376

-3,141

4,470

9,227

-4,732

-7,423

1,044

Year-end value

59,030

59,048

61,733

58,536

59,517

66,559

72,901

74,168

73,633

Pound sterling

Change in holdings

3,990

3,240

7,353

6,180

1,130

6,393

4,992

7,111

11,134

Quantity change

4,128

3,821

3,263

4,630

2,767

6,556

6,375

6,626

9,313

Price Change

-137

-581

4,091

1,549

-1,637

-163

-1,384

485

1,821

Year-end value

24,612

27,852

35,205

41,385

42,515

48,908

53,900

61,011

72,145

Swiss franc

Change in holdings

-933

210

881

-35

-54

210

1,745

163

2,224

Quantity change

-1,372

-588

1,813

75

-128

1,175

1,450

64

972

Price Change

439

798

-932

-109

74

-966

296

98

1,252

Year-end value

6,689

6,899

7,780

7,745

7,691

7,901

9,647

9,809

12,033

Euro

Change in holdings

--

--

--

--

--

8,2582

67,831

27,828

56,272

Quantity change

--

--

--

--

--

26,940

71,228

31,777

29,587

Price Change

--

--

--

--

--

-18,682

-3,397

-3,949

26,685

Year-end value

--

--

--

--

--

155,331

223,162

250,990

307,262

Deutsche mark

Change in holdings

11,864

13,296

14,050

11,896

-11,473

--

--

--

--

Quantity change

7,088

6,857

20,158

22,336

-15,359

--

--

--

--

Price Change

4,775

6,439

-6,108

-10,440

3,886

--

--

--

--

Year-end value

106,414

119,709

133,759

145,655

134,182

--

--

--

--

French franc

Change in holdings

1,911

1,974

-981

-3,388

2,224

--

--

--

--

Quantity change

1,256

683

-337

-2,037

1,860

--

--

--

--

Price Change

656

1,291

-643

-1,352

364

--

--

--

--

Year-end value

18,081

20,055

19,074

15,686

17,910

--

--

--

--

Netherlands guilder

Change in holdings

-512

-301

-330

1,138

-569

--

--

--

--

Quantity change

-732

-540

-152

1,443

-708

--

--

--

--

Price Change

219

239

-178

-305

140

--

--

--

--

Year-end value

4,070

3,769

3,439

4,577

4,009

--

--

--

--

European currency unit

Change in holdings

960

1,665

985

-3,240

-47,848

--

--

--

--

Quantity change

-1,035

-1,157

1,833

515

-49,304

--

--

--

--

Price Change

1,994

2,822

-849

-3,755

1,456

--

--

--

--

Year-end value

57,613

59,278

60,262

57,022

9,174

--

--

--

--

Sum of the above3

Change in holdings

55,856

93,635

145,868

97,120

-37,115

126,035

199,962

122,027

96,058

Quantity change

69,564

90,679

137,923

72,021

-15,727

91,418

163,414

97,535

147,640

Price Change

-13,708

2,956

7,945

25,099

-21,387

26,359

36,548

24,492

-51,582

Year-end value

699,777

793,412

939,280

1,036,400

999,285

1,107,118

1,307,080

1,429,107

1,525,165

Total official holding4

Change in holdings

60,636

122,035

154,320

108,704

-30,883

131,400

187,691

142,369

135,657

Year-end value

812,219

934,254

1,088,573

1,197,277

1,166,394

1,297,794

1,485,484

1,627,854

1,763,510

 

 

 

 

 

 

 

 

 

 


Note: Components may not sum to totals because of rounding.

1 The currency composition of foreign exchange is based on the IMF's currency survey and on estimates derived mainly, but not solely, from official national reports. The numbers in this table should be regarded as estimates that are subject to adjustment as more information is received. Quantity changes are derived by multiplying the changes in official holdings of each currency from the end of one quarter to the next by the average of the two SDR prices of that currency prevailing at the corresponding dates. This procedure converts the change in the quantity of national currency from own units to SDR units of account. Subtracting the SDR value of the quantity change so derived from the quarterly change in the SDR value of foreign exchange held at the end of two successive quarters and cumulating these differences yields the effect of price changes over the years shown.

2 Represents the change from end-1998 holdings of euro legacy currencies by official institutions outside the euro area.

3 Each item represents the sum of the currencies above.

4 Includes a residual whose currency composition could not be ascertained, as well as holdings of currencies other than those shown.




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