KTFA:
Gem: With the Anti-Money Laundry Law being passed (post #211 by Walkingstick), the CBI set to sell Bonds the middle of the month (3/15/16 next week also post #193 by Walkingstick) and Iran New Year set on the 20th of this month and our CC notes the dominoes are starting to fall for us to see the real Iraqi rate and the rest of the line to move this month!!!
SteveP99: I Just heard Frank say...TA DA FREAKEN DA!!
Don961: Iran and Iraq ......following international guidance to get back into the world economic machine
Walkingstick: CBI News and announcements
( Declaration ) of the Central Bank of Iraq will launch national bonds ( nominal ) on behalf of the Ministry of Finance nominal terms on 2016 /3 / 15 and ending in 2016 / 4 / 15 Bosaddarah of five categories
03/09/2016 http://ift.tt/1ei96fB
....
Gem: With the Anti-Money Laundry Law being passed (post #211 by Walkingstick), the CBI set to sell Bonds the middle of the month (3/15/16 next week also post #193 by Walkingstick) and Iran New Year set on the 20th of this month and our CC notes the dominoes are starting to fall for us to see the real Iraqi rate and the rest of the line to move this month!!!
SteveP99: I Just heard Frank say...TA DA FREAKEN DA!!
Don961: Iran and Iraq ......following international guidance to get back into the world economic machine
Walkingstick: CBI News and announcements
( Declaration ) of the Central Bank of Iraq will launch national bonds ( nominal ) on behalf of the Ministry of Finance nominal terms on 2016 /3 / 15 and ending in 2016 / 4 / 15 Bosaddarah of five categories
03/09/2016 http://ift.tt/1ei96fB
....
The central bank plans to launch a national bonds in five categories of the middle of this month
Wednesday 9 March 2016 11:50
, said the Iraqi Central Bank, on Wednesday, his intention to launch a national bonds infive categories of the middle of this month, indicating that the Annual her interest amounting to 6%, among it can be used as collateral to obtain financial facilities loans.The bank said in a statement received Sumerian News , a copy of which he "will launch national bonds (nominal) on behalf of the Ministry of Finance in nominal terms and as of the middle of this month , March 15 and ends on 15 April next year," adding that "Asdarih will offer five categories include (100,000 and 250,000, and 500, 000 and 1,000,000 and 5,000,000). "
The bank said that " the value of these funds to be raised will reach 1.5 trillion dinars ," noting that " the sale will be at a discount and will be 6% interest per annum and is payable by the Ministry of Finance in March , 142,018." He said the bank "can citizens and banks all make requests purchase to the Central Bank directly , "pointing out that" he can use those bonds as collateral for loans and facilities or any transactions require collateral, as well as can be traded in a market in Iraq Securities buying and selling and are deductible to the public and private banks.
" Iraq is seeking to issue bonds internal and national in order to finance the deficit in the public budget for Iraq as aresult of the drop in oil prices to below $ 30 per barrel. founded CBI independent bank under the law issued on the sixth of March 2004, as an independent body, which isresponsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily buying and selling of foreign currencies , except for public holidays on which depends the Bank for these auctions
http://ift.tt/1OZUCm6
************
Walkingstick: Wednesday, March 9, 2016 - 02:00
Mohammad Affianian Anti-Money Laundering Law Passed
Iran took a meaningful stride toward upgrading its banking and financial laws closer to international standards with the Guardians Council ratifying a long-pending bill to counter money laundering and financing of terrorism.
The bill–drafted by the government in 2010—had underwent a tortuous path, as it was passed by the parliament in 2011 but was rejected by the Guardians Council. It was sent for revision to the judiciary and was once again tabled in the parliament where lawmakers ratified it as a law in the current Iranian year (ending March 19).
The revised bill was finally approved by the Guardians Council and became a law on March 3.
The Guardians Council, made up of six Muslim clerics appointed by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei and six lawyers elected by the parliament, is charged with ensuring draft laws comply with Islamic laws and Iran's Constitution.
On Par With Int'l Laws
Hamid Tehranfar, Central Bank of Iran's deputy for supervision affairs, welcomed the new development on Tuesday, saying he was "very satisfied" that the anti-terrorism bill now had a statutory status, adding that the Iranian law is on par with international anti-money laundering laws and regulations.
"Although we had a set of anti-money laundering and anti-terrorism measures in place, they were not in the form of a comprehensive and clear-cut law, which opened us to criticism by foreign banks and international regulatory bodies," Tehranfar said in a news conference at CBI's headquarters in Tehran.
"The measure is in line with our efforts to reform our banking laws and upgrade them to the level of global standards and this is why we voluntarily asked the International Monetary Fund to review our anti-money laundering regulations so other countries' banks feel reassured. The IMF will announce its assessment in 2018."
Tehranfar explained that the law addresses various aspects, including a "definition of terrorism" as per international norms, outlining methods of financing terrorism as well as punitive and deterrent measures to prosecute criminals.
In January, world powers led by the United States and the European Union lifted most sanctions on Iran in return for temporary curbs on its nuclear program.
As part of sanctions relief, most Iranian banks were reconnected to the SWIFT international payment network last month, allowing them to resume cross-border transactions with foreign banks. But because of foreign institutions' legal fears, operations were limited.
Asked by Financial Tribune how the passage of anti-money laundering law would ease foreign banks' fears in dealing with Iran, Tehranfar said it would be "very effective."
"I believe this law will be very helpful in sending a message of goodwill to financial bodies across the world and would also be effective in allaying their fears in doing business with our banks," he said.
According to the official, the text of the law will soon be translated into English and other languages so that foreigners will become familiar with its contents.
Rating Improvement
Tehranfar hoped that the new measure would help improve Iran's rating in different areas, including the risk of doing business in the country.
"It would herald other reforms to restructure Iran's banking system, which is beset by outdated laws and regulations after years of sanctions isolated it from global interactions," he said.
"For the coming year, we will continue to promote reforms of the banking industry, including the adoption of Basel II and Basel III principles."
Tehranfar welcomed the entry of international rating agencies like Moody's and Fitch into the Iranian market, but said CBI has not been contacted by any agency, except KPMG.
Short Url : http://ift.tt/24QSiJP
************
Walkingstick: Advisor to the infallible: the bank will launch a billion dollars a month to secure the salaries of state employees
Economy since 03.09.2016 at 16:40 (Baghdad time)
Special - balances News
Economic Adviser to the President of the Republic Khalifa al-Zubaidi announced on Wednesday that the central bank will begin regardless billion dollars from the bank to the government reserves starting next month to secure the salaries of state employees.
The government revealed, earlier announced their intention to launch bonds worth two billion dollars during the coming period and the benefits of rewarding.
Zubaidi said L / balance News / "The Iraqi Central Bank reserves at present amounts to about $ 58 billion."
He added that "between the government and the central bank was agreed to exchange the bank about one billion dollars a month from the reserve as early as next month to provide salaries for state employees."
Zubaidi said, "The government will use oil revenues after it saw a slight increase in recent financial bonds to be launched by the bank for the conduct of the affairs of state and displaced persons and the expenses of the war on terror Daash."
This confirmed al-Zubaidi's / balances News /, earlier, the government's inability to secure the employees' salaries without international loans and hypotheses of the central bank, noting that the loans will provide salaries for six months, ".anthy 29
From: Mohamed supporter
http://ift.tt/24QSk4E
*************************
TNT:
Downsouth: On CNBC FAST MONEY late today, March 8--As they talked about 20-25% potential S&P market drop--one of the regulars said (paraphrased)--"don't forget the anti-fiat currency trade in the currency markets." I thought that was interesting to hear in mainstream media!
CovenantBridge: I keep getting these online invite to set up an appointment with a personal banker from Wells Fargo to review accounts. Over the years I have gotten them 3 or 4 times.
One time I set something up but then cancelled it because I didn't want to be scolded on foreign currency. Today I set up an appt for thursday and I mentioned I had lots of currency I want to exchange.
The branch manager called me with alot of excitement and nervousness in his voice. He gave the generic "we don't exchange Iraq Dinar but asked me what I had. I told him and he asked if it was ok if he has someone else call me to discuss it further. He was the manager. So I am thinking it would be someone higher up than him
When I told him how much Dong I had, I heard him gasp.
Mauirt: coven ..he said No Dinar ?
CovenantBridge: He said Wells Fargo doesnt exchange Iraqi Dinar in a generic way. But before when I talked a different branch manager a month ago they put a "yet" at the end of the sentence. But he was super excited that they can help me. It felt like he didn't want me to go to a different bank
I mentioned I had Dong, Rupiah, Afgan, Rial. Oh I forgot to mention my Zim. Thats ok he was already overwhelmed.
Pearle: I think some of these bankers are going to be more excited than us at exchange time...lol
ConenantBridge: He was excited. It felt like he was fishing for information. He didn't have to call me. He said that my email response was brought to his attention. It should have just been assigned to one of the branches personal bankers.
Why did the manager call me when he didn't really have anything to say except they look forward to meeting Thurrsday.
*******************************
Dinar Updates:
firefly IMF stated Iraq will enter the Global Market in the 1st half of 2016. Not my words but theirs. They IMO would need an international tradeable rate I would think.
rcookie The IMF did make the statement that Iraq will enter the world market 1st part of 2016... So ask yourself...What does Iraq have to export from agriculture or manufacturing?
NOTHING IS THE ANSWER!
So again, why announce Iraq to the world market? The only reason can be to exchange their currency for foreign currency to purchase imported goods.
None of that means our 3 zero notes will be worth more money. WE only hope that it will be worth big returns on exchange.
Wednesday 9 March 2016 11:50
, said the Iraqi Central Bank, on Wednesday, his intention to launch a national bonds infive categories of the middle of this month, indicating that the Annual her interest amounting to 6%, among it can be used as collateral to obtain financial facilities loans.The bank said in a statement received Sumerian News , a copy of which he "will launch national bonds (nominal) on behalf of the Ministry of Finance in nominal terms and as of the middle of this month , March 15 and ends on 15 April next year," adding that "Asdarih will offer five categories include (100,000 and 250,000, and 500, 000 and 1,000,000 and 5,000,000). "
The bank said that " the value of these funds to be raised will reach 1.5 trillion dinars ," noting that " the sale will be at a discount and will be 6% interest per annum and is payable by the Ministry of Finance in March , 142,018." He said the bank "can citizens and banks all make requests purchase to the Central Bank directly , "pointing out that" he can use those bonds as collateral for loans and facilities or any transactions require collateral, as well as can be traded in a market in Iraq Securities buying and selling and are deductible to the public and private banks.
" Iraq is seeking to issue bonds internal and national in order to finance the deficit in the public budget for Iraq as aresult of the drop in oil prices to below $ 30 per barrel. founded CBI independent bank under the law issued on the sixth of March 2004, as an independent body, which isresponsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily buying and selling of foreign currencies , except for public holidays on which depends the Bank for these auctions
http://ift.tt/1OZUCm6
************
Walkingstick: Wednesday, March 9, 2016 - 02:00
Mohammad Affianian Anti-Money Laundering Law Passed
Iran took a meaningful stride toward upgrading its banking and financial laws closer to international standards with the Guardians Council ratifying a long-pending bill to counter money laundering and financing of terrorism.
The bill–drafted by the government in 2010—had underwent a tortuous path, as it was passed by the parliament in 2011 but was rejected by the Guardians Council. It was sent for revision to the judiciary and was once again tabled in the parliament where lawmakers ratified it as a law in the current Iranian year (ending March 19).
The revised bill was finally approved by the Guardians Council and became a law on March 3.
The Guardians Council, made up of six Muslim clerics appointed by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei and six lawyers elected by the parliament, is charged with ensuring draft laws comply with Islamic laws and Iran's Constitution.
On Par With Int'l Laws
Hamid Tehranfar, Central Bank of Iran's deputy for supervision affairs, welcomed the new development on Tuesday, saying he was "very satisfied" that the anti-terrorism bill now had a statutory status, adding that the Iranian law is on par with international anti-money laundering laws and regulations.
"Although we had a set of anti-money laundering and anti-terrorism measures in place, they were not in the form of a comprehensive and clear-cut law, which opened us to criticism by foreign banks and international regulatory bodies," Tehranfar said in a news conference at CBI's headquarters in Tehran.
"The measure is in line with our efforts to reform our banking laws and upgrade them to the level of global standards and this is why we voluntarily asked the International Monetary Fund to review our anti-money laundering regulations so other countries' banks feel reassured. The IMF will announce its assessment in 2018."
Tehranfar explained that the law addresses various aspects, including a "definition of terrorism" as per international norms, outlining methods of financing terrorism as well as punitive and deterrent measures to prosecute criminals.
In January, world powers led by the United States and the European Union lifted most sanctions on Iran in return for temporary curbs on its nuclear program.
As part of sanctions relief, most Iranian banks were reconnected to the SWIFT international payment network last month, allowing them to resume cross-border transactions with foreign banks. But because of foreign institutions' legal fears, operations were limited.
Asked by Financial Tribune how the passage of anti-money laundering law would ease foreign banks' fears in dealing with Iran, Tehranfar said it would be "very effective."
"I believe this law will be very helpful in sending a message of goodwill to financial bodies across the world and would also be effective in allaying their fears in doing business with our banks," he said.
According to the official, the text of the law will soon be translated into English and other languages so that foreigners will become familiar with its contents.
Rating Improvement
Tehranfar hoped that the new measure would help improve Iran's rating in different areas, including the risk of doing business in the country.
"It would herald other reforms to restructure Iran's banking system, which is beset by outdated laws and regulations after years of sanctions isolated it from global interactions," he said.
"For the coming year, we will continue to promote reforms of the banking industry, including the adoption of Basel II and Basel III principles."
Tehranfar welcomed the entry of international rating agencies like Moody's and Fitch into the Iranian market, but said CBI has not been contacted by any agency, except KPMG.
Short Url : http://ift.tt/24QSiJP
************
Walkingstick: Advisor to the infallible: the bank will launch a billion dollars a month to secure the salaries of state employees
Economy since 03.09.2016 at 16:40 (Baghdad time)
Special - balances News
Economic Adviser to the President of the Republic Khalifa al-Zubaidi announced on Wednesday that the central bank will begin regardless billion dollars from the bank to the government reserves starting next month to secure the salaries of state employees.
The government revealed, earlier announced their intention to launch bonds worth two billion dollars during the coming period and the benefits of rewarding.
Zubaidi said L / balance News / "The Iraqi Central Bank reserves at present amounts to about $ 58 billion."
He added that "between the government and the central bank was agreed to exchange the bank about one billion dollars a month from the reserve as early as next month to provide salaries for state employees."
Zubaidi said, "The government will use oil revenues after it saw a slight increase in recent financial bonds to be launched by the bank for the conduct of the affairs of state and displaced persons and the expenses of the war on terror Daash."
This confirmed al-Zubaidi's / balances News /, earlier, the government's inability to secure the employees' salaries without international loans and hypotheses of the central bank, noting that the loans will provide salaries for six months, ".anthy 29
From: Mohamed supporter
http://ift.tt/24QSk4E
*************************
TNT:
Downsouth: On CNBC FAST MONEY late today, March 8--As they talked about 20-25% potential S&P market drop--one of the regulars said (paraphrased)--"don't forget the anti-fiat currency trade in the currency markets." I thought that was interesting to hear in mainstream media!
CovenantBridge: I keep getting these online invite to set up an appointment with a personal banker from Wells Fargo to review accounts. Over the years I have gotten them 3 or 4 times.
One time I set something up but then cancelled it because I didn't want to be scolded on foreign currency. Today I set up an appt for thursday and I mentioned I had lots of currency I want to exchange.
The branch manager called me with alot of excitement and nervousness in his voice. He gave the generic "we don't exchange Iraq Dinar but asked me what I had. I told him and he asked if it was ok if he has someone else call me to discuss it further. He was the manager. So I am thinking it would be someone higher up than him
When I told him how much Dong I had, I heard him gasp.
Mauirt: coven ..he said No Dinar ?
CovenantBridge: He said Wells Fargo doesnt exchange Iraqi Dinar in a generic way. But before when I talked a different branch manager a month ago they put a "yet" at the end of the sentence. But he was super excited that they can help me. It felt like he didn't want me to go to a different bank
I mentioned I had Dong, Rupiah, Afgan, Rial. Oh I forgot to mention my Zim. Thats ok he was already overwhelmed.
Pearle: I think some of these bankers are going to be more excited than us at exchange time...lol
ConenantBridge: He was excited. It felt like he was fishing for information. He didn't have to call me. He said that my email response was brought to his attention. It should have just been assigned to one of the branches personal bankers.
Why did the manager call me when he didn't really have anything to say except they look forward to meeting Thurrsday.
*******************************
Dinar Updates:
firefly IMF stated Iraq will enter the Global Market in the 1st half of 2016. Not my words but theirs. They IMO would need an international tradeable rate I would think.
rcookie The IMF did make the statement that Iraq will enter the world market 1st part of 2016... So ask yourself...What does Iraq have to export from agriculture or manufacturing?
NOTHING IS THE ANSWER!
So again, why announce Iraq to the world market? The only reason can be to exchange their currency for foreign currency to purchase imported goods.
None of that means our 3 zero notes will be worth more money. WE only hope that it will be worth big returns on exchange.
Stage3Alpha:
EXOGEN: THE BRICS BANK IS OFFICIALLY OPEN FOR BUSINESS
BRICS Development Bank officially opens for business
8 March 2016
The National Treasury announced the official establishment of the New Development Bank (NDB) headquarters in Shanghai, China on 27 February, which marks the completion of legal procedures that will now allow the bank to begin its operations, in a statement released on 7 March 2016.
The headquarters was first opened in July 2015, following the formal agreement on the bank's establishment between BRICS leaders at its fifth annual summit, held in South Africa in 2013.
http://ift.tt/1OZUDXs
EXOGEN: THE New Development Bank is formally "open for business," the Treasury said on Monday.
This follows the signature of an agreement late in February between China and the New Development Bank regarding the bank’s headquarters in Shanghai. The agreement completed all the necessary legal procedures for the bank to begin operations.
It is preparing for its first batch of projects, which could be launched in April. According to the bank’s media statements from Shanghai, it aims to lend up to $2bn this year.
The bank would place a lot of emphasis on the speed of its financing, the bank’s president, Indian banker KV Kamath said.
He said the first projects would be green energy ventures and infrastructure projects in member countries.
The Treasury said the bank was in the process of establishing its African regional centre in Johannesburg and had begun the process of recruiting staff. Former finance minister Nhlanhla Nene said on Monday that he had not received any further clarity about his position at the bank in SA, the reason given by President Jacob Zuma for his sudden removal from office in December. The president said Mr Nene had been removed as finance minister so he could head the regional centre in SA.
The 2016-17 budget review noted that SA’s first instalment of R2bn to the bank was paid in 2015 and made provision for further commitments of R11.8bn over the next three years (R3.75bn this year) to fulfil SA’s obligations to the bank.
Given the government’s straitened fiscal circumstances, this commitment has required the reprioritisation of spending in other areas.
With India providing the bank’s president, the bank’s four vice-president’s come from each of the other Brics member countries (Brazil, Russia China and SA). SA’s vice-president is Leslie Maasdorp, who, as chief financial officer, will be responsible for treasury and portfolio management as well as the finance, budgeting and accounting functions.
The bank was set up by Brics members with the aim of financing infrastructure and sustainable initiatives. It has been estimated that developing countries will need additional spending of almost $1-trillion a year for the next 20 years to meet their infrastructure requirements. It will have total capital of $100bn, 12.5% of which is to be paid in by the members in the first seven years, and a starting capital of $50bn, with each member country contributing $10bn.
************
EXOGEN: Chinese Renminbi to be Identified in the IMF’s Currency Composition of Foreign Exchange Reserves
Press Release No. 16/90 March 4, 2016
The International Monetary Fund (IMF) will separately identify the renminbi (RMB) in its official foreign exchange reserves database starting October 1, 2016. The change will be reflected in the survey for the fourth quarter of 2016 that will be published at the end of March 2017.
The survey, known as COFER (Currency Composition of Official Foreign Exchange Reserves), lists, on a voluntary basis, the currency composition of holdings of foreign exchange reserves across the IMF membership in the form of statistical aggregates.
The separate identification of the RMB implies that, as of that date, IMF member countries will be able to record as official reserves their holdings of RMB−denominated external assets that are readily available for meeting balance of payments financing needs. The renminbi will join the group of currencies that are currently identified in the survey: U.S. dollar, Euro, Yen, Pound Sterling, Swiss Franc, Australian Dollar, and Canadian Dollar. All other currencies are listed together.
When the IMF Executive Board determined the RMB to be a freely usable currency and decided to include it in the basket of currencies that make up the Special Drawing Right (SDR), effective October 1, 2016, it underscored the importance of making efforts to address remaining data gaps, including in the currency coverage of the COFER survey, ahead of the next SDR review.
On February 26, 2016, the Board agreed to make the change in COFER effective October 1, 2016, thus providing the lead time necessary for COFER survey respondents to adjust to the change.
Background:
The IMF’s conducts the COFER survey on a quarterly basis and publishes at end of every quarter the aggregated data for a reference date of the previous end-quarter. Participation by countries in this survey is voluntary. Currently, the COFER database distinguishes separately monetary authorities' claims on nonresidents denominated in the U.S. dollar, Euro, Yen, Pound Sterling, Swiss Franc, Australian Dollar, and Canadian Dollar. The claims are in the form of banknotes; bank deposits; treasury bills; other, short-and long-term, government securities; and other claims usable in the event of balance of payments need.
For reference:
The Board Paper: Separate Identification of the Chinese Renminbi in the COFER Survey. February 18, 2016
http://ift.tt/21LqwQ8
Q&A on the Separate Identification of Renminbi-Denominated Reserves Holdings, March 4, 2016
http://ift.tt/1OZUCmc
The data can be accessed on imf.org:
http://ift.tt/1hgs48i
Factsheet: Special Drawing Right (SDR)
http://ift.tt/18b67p1
Factsheet: Review of the Special Drawing Right (SDR) Currency Basket
http://ift.tt/1JijZS3
Press Release: IMF Releases Data on the Currency Composition of Foreign Exchange Reserves with Additional Data on Australian and Canadian Dollar Reserves, June 28, 2013
http://ift.tt/1OZUEdK
IMF COMMUNICATIONS DEPARTMENT
Media Relations
E-mail: media@imf.org
Phone: 202-623-7100
EXOGEN: THE BRICS BANK IS OFFICIALLY OPEN FOR BUSINESS
BRICS Development Bank officially opens for business
8 March 2016
The National Treasury announced the official establishment of the New Development Bank (NDB) headquarters in Shanghai, China on 27 February, which marks the completion of legal procedures that will now allow the bank to begin its operations, in a statement released on 7 March 2016.
The headquarters was first opened in July 2015, following the formal agreement on the bank's establishment between BRICS leaders at its fifth annual summit, held in South Africa in 2013.
http://ift.tt/1OZUDXs
EXOGEN: THE New Development Bank is formally "open for business," the Treasury said on Monday.
This follows the signature of an agreement late in February between China and the New Development Bank regarding the bank’s headquarters in Shanghai. The agreement completed all the necessary legal procedures for the bank to begin operations.
It is preparing for its first batch of projects, which could be launched in April. According to the bank’s media statements from Shanghai, it aims to lend up to $2bn this year.
The bank would place a lot of emphasis on the speed of its financing, the bank’s president, Indian banker KV Kamath said.
He said the first projects would be green energy ventures and infrastructure projects in member countries.
The Treasury said the bank was in the process of establishing its African regional centre in Johannesburg and had begun the process of recruiting staff. Former finance minister Nhlanhla Nene said on Monday that he had not received any further clarity about his position at the bank in SA, the reason given by President Jacob Zuma for his sudden removal from office in December. The president said Mr Nene had been removed as finance minister so he could head the regional centre in SA.
The 2016-17 budget review noted that SA’s first instalment of R2bn to the bank was paid in 2015 and made provision for further commitments of R11.8bn over the next three years (R3.75bn this year) to fulfil SA’s obligations to the bank.
Given the government’s straitened fiscal circumstances, this commitment has required the reprioritisation of spending in other areas.
With India providing the bank’s president, the bank’s four vice-president’s come from each of the other Brics member countries (Brazil, Russia China and SA). SA’s vice-president is Leslie Maasdorp, who, as chief financial officer, will be responsible for treasury and portfolio management as well as the finance, budgeting and accounting functions.
The bank was set up by Brics members with the aim of financing infrastructure and sustainable initiatives. It has been estimated that developing countries will need additional spending of almost $1-trillion a year for the next 20 years to meet their infrastructure requirements. It will have total capital of $100bn, 12.5% of which is to be paid in by the members in the first seven years, and a starting capital of $50bn, with each member country contributing $10bn.
************
EXOGEN: Chinese Renminbi to be Identified in the IMF’s Currency Composition of Foreign Exchange Reserves
Press Release No. 16/90 March 4, 2016
The International Monetary Fund (IMF) will separately identify the renminbi (RMB) in its official foreign exchange reserves database starting October 1, 2016. The change will be reflected in the survey for the fourth quarter of 2016 that will be published at the end of March 2017.
The survey, known as COFER (Currency Composition of Official Foreign Exchange Reserves), lists, on a voluntary basis, the currency composition of holdings of foreign exchange reserves across the IMF membership in the form of statistical aggregates.
The separate identification of the RMB implies that, as of that date, IMF member countries will be able to record as official reserves their holdings of RMB−denominated external assets that are readily available for meeting balance of payments financing needs. The renminbi will join the group of currencies that are currently identified in the survey: U.S. dollar, Euro, Yen, Pound Sterling, Swiss Franc, Australian Dollar, and Canadian Dollar. All other currencies are listed together.
When the IMF Executive Board determined the RMB to be a freely usable currency and decided to include it in the basket of currencies that make up the Special Drawing Right (SDR), effective October 1, 2016, it underscored the importance of making efforts to address remaining data gaps, including in the currency coverage of the COFER survey, ahead of the next SDR review.
On February 26, 2016, the Board agreed to make the change in COFER effective October 1, 2016, thus providing the lead time necessary for COFER survey respondents to adjust to the change.
Background:
The IMF’s conducts the COFER survey on a quarterly basis and publishes at end of every quarter the aggregated data for a reference date of the previous end-quarter. Participation by countries in this survey is voluntary. Currently, the COFER database distinguishes separately monetary authorities' claims on nonresidents denominated in the U.S. dollar, Euro, Yen, Pound Sterling, Swiss Franc, Australian Dollar, and Canadian Dollar. The claims are in the form of banknotes; bank deposits; treasury bills; other, short-and long-term, government securities; and other claims usable in the event of balance of payments need.
For reference:
The Board Paper: Separate Identification of the Chinese Renminbi in the COFER Survey. February 18, 2016
http://ift.tt/21LqwQ8
Q&A on the Separate Identification of Renminbi-Denominated Reserves Holdings, March 4, 2016
http://ift.tt/1OZUCmc
The data can be accessed on imf.org:
http://ift.tt/1hgs48i
Factsheet: Special Drawing Right (SDR)
http://ift.tt/18b67p1
Factsheet: Review of the Special Drawing Right (SDR) Currency Basket
http://ift.tt/1JijZS3
Press Release: IMF Releases Data on the Currency Composition of Foreign Exchange Reserves with Additional Data on Australian and Canadian Dollar Reserves, June 28, 2013
http://ift.tt/1OZUEdK
IMF COMMUNICATIONS DEPARTMENT
Media Relations
E-mail: media@imf.org
Phone: 202-623-7100
via Dinar Recaps - Our Blog http://ift.tt/24QSkl0
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