Global reserves of foreign exchange $ 8.5 trillion
WASHINGTON - Khalid Muhammad
Saturday, October 2, 2010
Accelerated the countries of the world, in direct response to economic recession and financial crisis and their notification, the pace of acquisition of foreign assets to raise the volume of reserves to about $ 8.5 trillion at the end of June (June) last year.
And contributed to emerging and developing economies in the largest proportion of the increase, while the IMF forecast that the countries of Arab Petroleum Exporting regained their ability to strengthen its reserves with the return to achieve trade surpluses after the «shock» the past year.
Revealed Monetary Fund in its quarterly end of this week, that «Aniat foreign assets World rose to 8.422 trillion dollars in the second quarter of 2010, recording a strong increase rate of 11.3 percent over the same period of 2009», pointing out that «the total value of this increase amounted to 860 billion, more than 8 times the value of assets acquired by foreign countries in the world in the 12 months starting from the second quarter of 2008 ».
He pointed out that «the emerging and developing economies has increased the reserves by 11 percent up to about 5.495 trillion dollars maintaining their share in the balance of the world at 65 percent, but it matched the developed countries to own foreign assets reaching the proportion of share of new assets added to the reserve World in the last 12 months, 62 per cent, equivalent to $ 533 billion ».
According to estimates by the IMF, the «Arab oil exporters (Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Oman, Bahrain, Iraq, Libya, Algeria, Sudan and Yemen) has regained its ability to strengthen the reserves of foreign assets with the return to the trade surplus is expected to reach 1.7 percent of the total value of gross domestic product in the current year, after exposure to the deficit rate of 1.7 percent as a result of the collapse of crude oil prices during the greater part of last year ».
He pointed to the «it had lifted the size of the reserves of financial assets denominated in foreign currency between 2004 and 2008, to $ 1.3 trillion, reaching Hstaha my balance of developed and developing countries to 17.5 and 26.5 percent respectively».
The report registered a «retreat importance of the dollar and euro both in global reserves in the second quarter of 2010».
Analysts attributed this development to the «sharp fluctuations experienced by the currencies in exchange markets».
The share of the dollar from 62.82 percent in June 2009, to 62.10 last June.
It also shrank share the common European currency in the same period of 27.50 percent to 26.48 percent.
Enthusiasm of the emerging and developing
Unlike developed economies, kept emerging and developing economies on the enthusiasm for the euro at the expense of the dollar until very late.
After having set up the U.S. currency 75 percent of its reserves of foreign assets, not increased the euro share at the time launched the beginning of 1999 to 16.7 percent, last June saw a declining share of the Green Paper to 58.40 percent, compared with a rise in the euro's share to 28.34 percent.
But the U.S. Treasury Department played down in the latest report on global reserves, the importance of inflation, the euro's share at the expense of the dollar reserves of emerging economies and developing countries, attributed to the sharp fluctuations of the currencies in exchange markets, and noting that the dollar has lost about 70 percent of its value against the euro in 8 years ($ 0.87 for the euro in February (February 2002) to 1.5 dollars for euros in November (November) the past).
Also contributed to the dramatic developments witnessed by the foreign exchange markets in recent months, a slight rise in the share of the pound sterling and the Japanese yen in global reserves, although they remained within the limits of four and three percent respectively.
WASHINGTON - Khalid Muhammad
Saturday, October 2, 2010
Accelerated the countries of the world, in direct response to economic recession and financial crisis and their notification, the pace of acquisition of foreign assets to raise the volume of reserves to about $ 8.5 trillion at the end of June (June) last year.
And contributed to emerging and developing economies in the largest proportion of the increase, while the IMF forecast that the countries of Arab Petroleum Exporting regained their ability to strengthen its reserves with the return to achieve trade surpluses after the «shock» the past year.
Revealed Monetary Fund in its quarterly end of this week, that «Aniat foreign assets World rose to 8.422 trillion dollars in the second quarter of 2010, recording a strong increase rate of 11.3 percent over the same period of 2009», pointing out that «the total value of this increase amounted to 860 billion, more than 8 times the value of assets acquired by foreign countries in the world in the 12 months starting from the second quarter of 2008 ».
He pointed out that «the emerging and developing economies has increased the reserves by 11 percent up to about 5.495 trillion dollars maintaining their share in the balance of the world at 65 percent, but it matched the developed countries to own foreign assets reaching the proportion of share of new assets added to the reserve World in the last 12 months, 62 per cent, equivalent to $ 533 billion ».
According to estimates by the IMF, the «Arab oil exporters (Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Oman, Bahrain, Iraq, Libya, Algeria, Sudan and Yemen) has regained its ability to strengthen the reserves of foreign assets with the return to the trade surplus is expected to reach 1.7 percent of the total value of gross domestic product in the current year, after exposure to the deficit rate of 1.7 percent as a result of the collapse of crude oil prices during the greater part of last year ».
He pointed to the «it had lifted the size of the reserves of financial assets denominated in foreign currency between 2004 and 2008, to $ 1.3 trillion, reaching Hstaha my balance of developed and developing countries to 17.5 and 26.5 percent respectively».
The report registered a «retreat importance of the dollar and euro both in global reserves in the second quarter of 2010».
Analysts attributed this development to the «sharp fluctuations experienced by the currencies in exchange markets».
The share of the dollar from 62.82 percent in June 2009, to 62.10 last June.
It also shrank share the common European currency in the same period of 27.50 percent to 26.48 percent.
Enthusiasm of the emerging and developing
Unlike developed economies, kept emerging and developing economies on the enthusiasm for the euro at the expense of the dollar until very late.
After having set up the U.S. currency 75 percent of its reserves of foreign assets, not increased the euro share at the time launched the beginning of 1999 to 16.7 percent, last June saw a declining share of the Green Paper to 58.40 percent, compared with a rise in the euro's share to 28.34 percent.
But the U.S. Treasury Department played down in the latest report on global reserves, the importance of inflation, the euro's share at the expense of the dollar reserves of emerging economies and developing countries, attributed to the sharp fluctuations of the currencies in exchange markets, and noting that the dollar has lost about 70 percent of its value against the euro in 8 years ($ 0.87 for the euro in February (February 2002) to 1.5 dollars for euros in November (November) the past).
Also contributed to the dramatic developments witnessed by the foreign exchange markets in recent months, a slight rise in the share of the pound sterling and the Japanese yen in global reserves, although they remained within the limits of four and three percent respectively.