The International Monetary Fund released last week data related to the currency composition of official foreign exchange reserves that includes both the Australian and Canadian dollar.
COFER is an IMF database managed by the fund’s statistics department that contains quarterly data of reporting countries. The addition of the Canadian and Australian dollar to the data brings the total number of currencies represented in the data to seven: the U.S. dollar, euro, pound sterling, Japanese yen, Swiss Franc, Australian dollar and Canadian dollar.
Total foreign exchange holdings totaled $11.1 trillion during the first quarter, though only $6 trillion was accounted for in the data. U.S. dollars stood at $3.8 billion, euros accounted for $1.43 trillion, the pound sterling accounted for $235 billion, Japanese yen accounted for $236 billion, Canadian dollars stood at nearly $95 billion and the Australian dollar accounted for just under $100 billion.
In 2011, the IMF developed a plan to expand COFER reporting. Part of the plan included an expansion of the currency range to capture developments in reserve assets in other currencies. The IMF conducted a survey of COFER reporters, which led the fund to include the Australian and Canadian dollars in the data.
Foreign exchange reserves reported through COFER data consists of foreign banknotes, bank deposits, treasury bills, short- and long-term government securities and other claims of nonresidents.