Press Release: Revised IMF Annual Report Data on Official Foreign Exchange Reserves
November 19, 2003
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 | ||||||||||||||
|
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 | |||||||||
|
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. | |||||||||
IMF EXTERNAL RELATIONS DEPARTMENT
| Public Affairs | Media Relations | |||
|---|---|---|---|---|
| E-mail: | publicaffairs@imf.org | E-mail: | media@imf.org | |
| Fax: | 202-623-6278 | Phone: | 202-623-7100 | |