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Bank for International Settlements - Wikipedia, the free encyclopedia

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Bank for International Settlements


From Wikipedia, the free encyclopedia

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The Bank for International Settlements (BIS) is an international organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks".[2] As an international institution, it is not accountable to any single national government. The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

Bank for International Settlements

Type Purpose/focus Location Membership

International organization Central bank cooperation Basel, Switzerland 58 central banks Jaime Caruana Board of directors[1] www.bis.org (http://www.bis.org)

Contents
1 History 2 Organization of central banks 2.1 Regulates capital adequacy 2.2 Encourages reserve transparency 3 Tier 1 versus total capital 4 Goal: a financial safety net 5 Role in banking supervision 6 Accounting and use of SDRs 7 Members 8 General managers 9 Board of directors 10 See also 11 References 12 External links

General manager Main organ Website

History
The BIS was established by an intergovernmental agreement in 1930, the founding states being Germany, Belgium, France, Great Britain and Northern Ireland, Italy, Japan, and Switzerland.[3] The Bank was originally intended to facilitate reparations imposed on Germany by the Treaty of Versailles after World War I.[4] The need to establish a dedicated institution for this purpose was suggested in 1929 by the Young Committee, and was agreed to in August of that year at a conference at The Hague. A charter for the bank was drafted at the International Bankers Conference at Baden Baden in November, and its charter was adopted at a second Hague Conference on January 20, 1930. According to the charter, shares in the bank could be held by individuals and non-governmental entities. The BIS was constituted as having corporate existence in Switzerland on the basis of an agreement with Switzerland acting as headquarter state for the bank. It also enjoyed immunity in all the contracting states.

BIS members.

Between 1933 and 1945, the board of directors of the BIS included Walter Funk, a prominent Nazi official; and Emil Puhl, who were both convicted at the Nuremberg trials after World War II, as well as Hermann Schmitz, the director of IG Farben; and Baron von Schroeder, the owner of the J.H.Stein Bank, the bank that held the deposits of the Gestapo. There were allegations that the BIS had helped the Germans loot assets from occupied countries during World War II. As a result of these allegations, at the Bretton Woods Conference held in July 1944, Norway proposed the "liquidation of the Bank for International Settlements at the earliest possible moment". This resulted in the BIS being the subject of a disagreement between the American and British delegations. The liquidation of the bank was supported by other European delegates, as well as the United States (including Harry Dexter White, Secretary of the Treasury, and Henry Morgenthau),[5] but opposed by John Maynard Keynes, head of the British delegation. Fearing that the BIS would be dissolved by President Franklin Delano Roosevelt, Keynes went to Morgenthau hoping to prevent the dissolution, or have it postponed, but the next day the dissolution of the BIS was approved. However, the liquidation of the bank was never actually undertaken.[6] In April 1945, the new U.S. president Harry S. Truman and the British government suspended the dissolution, and the decision to liquidate the BIS was officially reversed in 1948.[7] The BIS was originally owned by both governments and private individuals, since the United States and France had decided to sell some of their shares to private investors. BIS shares traded on stock markets, which made the bank an unusual organization: an international organization (in the technical sense of public international law), yet allowed for private shareholders. Many central banks had similarly started as such private institutions; for example, the Bank of England was privately owned until 1946. In more recent years the BIS has bought back its once publicly traded shares.[8] It is now wholly owned by BIS members (central banks) but still operates in the private market as a counterparty, asset manager and lender for central banks and international financial institutions. [9] Profits from its transactions are used, among other things, to fund the bank's other international activities.

Organization of central banks


As an organization of central banks, the BIS seeks to make monetary policy more predictable and transparent among its 58 member central banks. While monetary policy is determined by each sovereign nation, it is subject to central and private banking scrutiny and potentially to speculation that affects foreign exchange rates and especially the fate of export economies. Failures to keep monetary policy in line with reality and make monetary reforms in time, preferably as a simultaneous policy among all 58 member banks and also involving the International Monetary Fund, have historically led to losses in the billions as banks try to maintain a policy using open market methods that have proven to be based on unrealistic assumptions.

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Bank for International Settlements - Wikipedia, the free encyclopedia

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Central banks do not unilaterally "set" rates, rather they set goals and intervene using their massive financial resources and regulatory powers to achieve monetary targets they set. One reason to coordinate policy closely is to ensure that this does not become too expensive and that opportunities for private arbitrage exploiting shifts in policy or difference in policy, are rare and quickly removed. Two aspects of monetary policy have proven to be particularly sensitive, and the BIS therefore has two specific goals: to regulate capital adequacy and make reserve requirements transparent.

Regulates capital adequacy


Capital adequacy policy applies to equity and capital assets. These can be overvalued in many circumstances because they do not always reflect current market conditions or adequately assess the risk of every trading position. Accordingly the BIS requires the capital/asset ratio of central banks to be above a prescribed minimum international standard, for the protection of all central banks involved. The BIS's main role is in setting capital adequacy requirements. From an international point of view, ensuring capital adequacy is the most important problem between central banks, as speculative lending based on inadequate underlying capital and widely varying liability rules causes economic crises as "bad money drives out good" (Gresham's Law).

The BIS Headquarters in Basel, Switzerland.

Encourages reserve transparency


Reserve policy is also important, especially to consumers and the domestic economy. To ensure liquidity and limit liability to the larger economy, banks cannot create money in specific industries or regions without limit. To make bank depositing and borrowing safer for customers and reduce risk of bank runs, banks are required to set aside or "reserve". Reserve policy is harder to standardize as it depends on local conditions and is often fine-tuned to make industry-specific or regionspecific changes, especially within large developing nations. For instance, the People's Bank of China requires urban banks to hold 7% reserves while letting rural banks continue to hold only 6%, and simultaneously telling all banks that reserve requirements on certain overheated industries would rise sharply or penalties would be laid if investments in them did not stop completely. The PBoC is thus unusual in acting as a national bank, focused on the country not on the currency, but its desire to control asset inflation is increasingly shared among BIS members who fear "bubbles", and among exporting countries that find it difficult to manage the diverse requirements of the domestic economy, especially rural agriculture, and an export economy, especially in manufactured goods.

BIS building by Mario Botta, in Basel.

Effectively, the PBoC sets different reserve levels for domestic and export styles of development. Historically, the United States also did this, by dividing federal monetary management into nine regions, in which the less-developed western United States had looser policies. For various reasons it has become quite difficult to accurately assess reserves on more than simple loan instruments, and this plus the regional differences has tended to discourage standardizing any reserve rules at the global BIS scale. Historically, the BIS did set some standards which favoured lending money to private landowners (at about 5 to 1) and for-profit corporations (at about 2 to 1) over loans to individuals. These distinctions reflecting classical economics were superseded by policies relying on undifferentiated market valuesmore in line with neoclassical economics.

Tier 1 versus total capital


The BIS sets "requirements on two categories of capital, tier 1 capital and total capital. Tier 1 capital is the book value of its stock plus retained earnings. Tier 2 capital is loan -loss reserves plus subordinated debt. Total capital is the sum of Tier 1 and Tier 2 capital. Tier 1 capital must be at least 4% of total risk-weighted assets. Total capital must be at least 8% of total risk-weighted assets. When a bank creates a deposit to fund a loan, its assets and liabilities increase equally, with no increase in equity. That causes its capital ratio to drop. Thus the capital requirement limits the total amount of credit that a bank may issue. It is important to note that the capital requirement applies to assets while the bank reserve requirement applies to liabilities."[10]

Goal: a financial safety net


The relatively narrow role the BIS plays today does not reflect its ambitions or historical role. A "well-designed financial safety net, supported by strong prudential regulation and supervision, effective laws that are enforced, and sound accounting and disclosure regimes", are among the Bank's goals. In fact they have been in its mandate since its founding in 1930 as a means to enforce the Treaty of Versailles. The BIS has historically had less power to enforce this "safety net" than it deems necessary. Recent head Andrew Crockett has bemoaned its inability to "hardwire the credit culture", despite many specific attempts to address specific concerns such as the growth of offshore financial centres (OFCs), highly leveraged institutions (HLIs), large and complex financial institutions (LCFIs), deposit insurance, and especially the spread of money laundering and accounting scandals.

Role in banking supervision


The BIS provides the Basel Committee on Banking Supervision with its 17-member secretariat, and with it has played a central role in establishing the Basel Capital Accords of 1988 and 2004. There remain significant differences between United States, EU, and UN officials regarding the degree of capital adequacy and reserve controls that global banking now requires. Put extremely simply, the United States, as of 2006, favoured strong strict central controls in the spirit of the original 1988 accords, while the EU was more inclined to a distributed system managed collectively with a committee able to approve some exceptions. The UN agencies, especially ICLEI, are firmly committed to fundamental risk measures: the so-called triple bottom line and were becoming critical of central banking as an institutional structure for ignoring fundamental risks in favour of technical risk management.

Accounting and use of SDRs


Since 2004, the BIS has published its accounts in terms of special drawing rights (SDRs), replacing the gold franc as the bank's unit of account. As of March 2007 (end of month) the bank had total assets of $409.15 billion, given a dollar/SDR exchange rate of 1.51 for March 30, 2007. Included in that total is 150 tons of fine gold.

Members
60 member central banks or monetary authorities of these countries:

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Bank for International Settlements - Wikipedia, the free encyclopedia

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Algeria Argentina Australia Austria Belgium Bosnia and Herzegovina Brazil Bulgaria Canada Chile China Colombia Croatia Czech Republic Denmark Estonia Finland France Germany Greece Hong Kong

Hungary Iceland India Indonesia Ireland Israel Italy Japan South Korea Latvia Lithuania Luxembourg Macedonia Malaysia Mexico Netherlands New Zealand Norway Peru Philippines

Poland Portugal Romania Russia Saudi Arabia Serbia Singapore Slovakia Slovenia South Africa Spain Sweden Switzerland Thailand Turkey United Arab Emirates United Kingdom United States European Central Bank

General managers
Name Jaime Caruana Malcolm D. Knight Sir Andrew Crockett Alexandre Lamfalussy Gunther Schleiminger Ren Larre Gabriel Ferras Guillaume Guindey Roger Auboin Pierre Quesnay Nationality Spain Canada Belgium Germany France France France France France Dates April 2009 present April 2003 September 2008 May 1985 December 1993 1981 May 1985 19711981 19631971 19581963 19381958 19301938

United Kingdom January 1994 March 2003

Board of directors
Christian Noyer, Paris (Chairman of the Board of Directors) Masaaki Shirakawa, Tokyo Ben Bernanke, Washington, D.C. Mark Carney, Ottawa Agustn Carstens, Mexico City Luc Coene, Brussels Andreas Dombret, Frankfurt am Main Mario Draghi, Frankfurt am Main William Dudley, New York Stefan Ingves, Stockholm Thomas Jordan, Zurich Mervyn King, London Klaas Knot, Amsterdam Anne Le Lorier, Paris Guy Quaden, Brussels Fabrizio Saccomanni, Rome Ignazio Visco, Rome Jens Weidmann, Frankfurt am Main Zhou Xiaochuan, Beijing

See also
Bank regulation Basel III Continuous linked settlement Global financial system International Court of Justice League of Nations

References
1. ^ "Board of Directors" (http://www.bis.org/about/board.htm) . www.bis.org/. Archived (http://web.archive.org/web/20110422070523/http://bis.org/about/board.htm) from the original on 22 April 2011. http://www.bis.org/about/board.htm. Retrieved 2011-04-14.

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Bank for International Settlements - Wikipedia, the free encyclopedia

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2. ^ "About BIS" (http://www.bis.org/about/index.htm) . Web page of Bank for International Settlements. Archived (http://web.archive.org/web/20080514223453/http://www.bis.org/about/index.htm) from the original on 14 May 2008. http://www.bis.org/about/index.htm. Retrieved May 17, 2008. 3. ^ http://treaties.un.org/Pages/showDetails.aspx?objid=0800000280167c31 4. ^ BIS History - Overview. (http://www.bis.org/about/history.htm) BIS website. Retrieved 2011-02-13. 5. ^ United Nations Monetary and Financial Conference, Final Act (London et al., 1944), Article IV. 6. ^ R. F. Mikesell, The Bretton Woods Debates: A Memoir, Essays in International Finance 192 (Princeton: International Finance Section, Dept. of Economics, Princeton University, 1994), p. 42 . ISBN 0-88165-099-4. 7. ^ brief history of the BIS (http://www.bis.org/about/arch_guide.pdf) 8. ^ http://www.bis.org/press/p050601.htm 9. ^ http://www.bis.org/banking/finserv.htm 10. ^ Liu, Henry C. K. China: PART 4: China steady on the peg (http://atimes01.atimes.com/atimes/China/FL01Ad01.html)

External links
BIS website (http://www.bis.org/index.htm) Global Banking: The Bank For International Settlements (http://www.newswithviews.com/Wood/patrick4.htm) An analysis of the origins and functions of the BIS. The Money Club (http://www.edwardjayepstein.com/archived/moneyclub.htm) By Edward Jay Epstein, Harpers, 1983. Andrew Crockett statement to the IMF. (http://www.imf.org/external/am/2001/o/imfcstat/fsf.htm) An account of the use of reserve policy and other central bank powers in China (http://atimes01.atimes.com/atimes/China/FL01Ad01.html) By Henry C K Liu in the Asia Times. A video documentary about the BIS role in financing Nazi Germany by British Television (http://www.youtube.com/watch?v=YauM5dHLn1s) Bank for International Settlements (http://dodis.ch/R266) in the Dodis database of the Diplomatic Documents of Switzerland

473253N 73531E (http://toolserver.org/~geohack/geohack.php?pagename=Bank_for_International_Settlements&params=47_32_53_N_7_35_31_E_region:CH-BS_type:landmark) Retrieved from "http://en.wikipedia.org/w/index.php?title=Bank_for_International_Settlements&oldid=539443744" Categories: Banks established in 1930 1930 establishments in Switzerland Central banks International banking institutions International finance institutions Supranational banks This page was last modified on 21 February 2013 at 15:54. Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. See Terms of Use for details. Wikipedia is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.

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IMF discusses plan to replace dollar as reserve currency - Feb. 10, 2011

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NEW YORK (CNNMoney) -- The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency. The IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system. SDRs represent potential claims on the currencies of IMF members. They were created by the IMF in 1969 and can be converted into whatever currency a borrower requires at exchange rates based on a weighted basket of international currencies. The IMF typically lends Frontline troops push for solar energy
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countries funds denominated in SDRs While they are not a tangible currency, some economists argue that SDRs could be used as a less volatile alternative to the U.S. dollar. Dominique Strauss-Kahn, managing director of the IMF, acknowledged there are some "technical hurdles" involved with SDRs, but he believes they could help correct global imbalances and shore up the global financial system. "Over time, there may also be a role for the SDR to contribute to a more stable international monetary system," he said. The goal is to have a reserve asset for central banks that better reflects the global economy since the dollar is vulnerable to swings in the domestic economy and changes in U.S. policy. In addition to serving as a reserve currency, the IMF also proposed creating SDR-denominated bonds, which could reduce central banks' dependence on U.S. Treasuries. The Fund also suggested that certain assets, such as oil and gold, which are traded in U.S. dollars, could be priced using SDRs. Oil prices usually go up when the dollar depreciates. Supporters say using SDRs to price oil on the global market could help prevent spikes in energy

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IMF discusses plan to replace dollar as reserve currency - Feb. 10, 2011

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prices that often occur when the dollar weakens significantly.

The dollar alternatives


Fred Bergsten, director of the Peterson Institute for International Economics, said at a conference in Washington that IMF member nations should agree to create $2 trillion worth of SDRs over the next few years. SDRs, he said, "will further diversify the system." Dollar firms after starting 2011 weak The dollar has been drifting lower so far this year as the global economy improves and investors regain their appetite for more risky assets such as stocks and commodities. After rising above 81 in early January, the dollar index, which measures the U.S. currency against a basket of other international currencies, eased below 77 earlier this week. However, the dollar was higher Thursday against the euro, pound and yen as disappointing corporate results weighed on stock prices following several days of gains on Wall Street. The rally in the commodities market also cooled, with the price of oil and metals backing off recent highs.

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In addition, renewed concerns about the debt problems facing troubled European economies put pressure on the euro and supported the dollar. The yield on Portugal's benchmark bond rose to a record high Wednesday, and borrowing costs for Ireland, Spain and Greece remain elevated. "The market is shedding risk, with equities and commodities weakening and the U.S. dollar broadly stronger" said Camilla Sutton, currency strategist at Scotia Capital. Traders were also digesting comments from Federal Reserve chairman Ben Bernanke, who told Congress Wednesday that despite a strengthening economic recovery, the unemployment rate remains high while inflation is "still quite low." Those remarks reaffirmed the view that "the Fed would be very slow to tighten policy given its dual mandate of price stability and employment," analysts at Sucden Financial wrote in a research report. Bernanke also urged lawmakers to come up with a "credible plan" to bring down "unsustainable" federal budget deficits. "We expect that the outlook for the U.S. fiscal position will weigh heavily on the U.S. dollar in the quarters ahead," said Sutton. In the near-term, however, she said "a strengthening growth profile" could help provide "a temporary period of dollar strength."
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Bank of England | Markets | Foreign Exchange Markets | UK's Official Reserves | Internat... Page 1 of 1

International Monetary Fund (IMF) and Special Drawing Rights (SDRs)


The primary means of financing the IMF is through members' quotas. Each member of the IMF is assigned a quota, part of which is payable in SDRs or specified usable currencies ("reserve assets"), and part in the member's own currency. The difference between a member's quota and the IMF's holdings of its currency is a country's Reserve Tranche Position (RTP). Although it is not held in the Exchange Equalisation Account, the UK's RTP forms part of the UK's official reserves. This is because the UK, in common with other members of the IMF, may, upon declaring a balance of payments need, draw down its RTP at short notice in the form of convertible foreign currency. The SDR is an international reserve asset created by the IMF. Its value is defined in terms of a basket of the US dollar, the euro, the yen and sterling. The IMF has periodically created SDRs, and allocated them to members in proportion to their quotas. The UK's SDR allocation is a liability of the EEA and the resultant holding of SDRs by the UK are an asset of the EEA. IMF members are credited with interest on their holdings of SDRs and pay interest on their allocation of SDRs. Interest payments and receipts are made in SDRs. Over the years the IMF has supplemented the quota system with other sources of funding: General Arrangements to Borrow (GAB) - These are long-standing arrangements under which the Group of Ten industrial countries stand ready to lend to the IMF to finance purchases that aim at forestalling or coping with a situation that could impair the international monetary system. New Arrangements to Borrow (NAB) - Since 1998 the Fund has had a SDR 34 billion facility at its disposal, provided by GAB members and other IMF members. The intention was that the NAB would replace the GAB as the primary financial resource for the Fund in the event that additional liquidity was required. At the G-20 Summit in April 2009, world leaders pledged to support growth in emerging market and developing countries by boosting the IMF's lending resources to $750 billion. They committed to increase the resources available to the IMF by $250 billion through immediate contributions from some IMF member countries. The G-20 agreed that these bilateral contributions will subsequently be incorporated into an expanded NAB. The G-20's intention is to increase the resources available through a more flexible NAB by up to $500 billion. In addition, the G-20 supported a general allocation of the IMF's Special Drawing Rights equivalent to $250 billion to boost global liquidity. When the IMF draws on these facilities, the UK advances currency to the IMF and receives an SDR-denominated claim on the IMF. This claim forms part of the official reserves.

Useful links
IMF website

http://www.bankofengland.co.uk/markets/Pages/forex/reserves/imf_sdrs.aspx

3/3/2013

SDR to replace gold franc at the BIS

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SDR to replace gold franc at the BIS (print version)


10 March 2003

The Bank for International Settlements (BIS) today announced that the Special Drawing Right (SDR) would replace the gold franc as the Bank's unit of account as from 1 April 2003. This decision was made today at an Extraordinary General Meeting of member central banks of the BIS. The Bank also decided to take steps towards modernising its financial accounting and reporting practices. Used by a number of international organisations, the SDR is an international unit of account defined by the IMF and based on a basket of major currencies. The gold franc has served as the unit of account for the BIS since its establishment in 1930. Commenting on the change, Andrew Crockett, General Manager of the BIS, said: "I welcome the introduction of the SDR. Along with a strengthened accounting framework, it will assist in managing the Bank's operations and economic capital more efficiently and enhance the transparency of its accounts." Mr Crockett added that the changes would not affect the fundamental nature of the BIS's banking activities and would not have any implication for its policy towards its holdings of gold.

http://www.bis.org/press/p030311d.htm

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Algeria to Contribute $5 Billion to IMF Through SDRs, APS Says - Bloomberg

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Algeria to Contribute $5 Billion to IMF Through SDRs, APS Says


By Salah Slimani - 2012-10-11T14:58:16Z

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Algeria will contribute $5 billion to the International Monetary Fund through the purchase of Special Drawing Rights, the state-run APS news agency reported today, citing a statement by the Finance Ministry and the Bank of Algeria. The North African nations foreign-exchange reserves reached $193.7 billion at the end of September, Prime Minister Abdelmalek Sellal said on Oct. 1. To contact the reporter on this story: Salah Slimani via Cairo at sslimani2@bloomberg.net To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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Algeria to Contribute $5 Billion to IMF Through SDRs, APS Says - Bloomberg

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Can IMF Currency Replace the Dollar? | Cato Institute

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COMMENTARY

Can IMF Currency Replace the Dollar?


By Swaminathan S. Anklesaria Aiyar (/people/swaminathan-anklesaria-aiyar) This article appeared in the Times of India (http://timesofindia.indiatimes.com/) on April 5, 2009.

orld leaders at the G-20 meeting agreed to create new international money worth $250 billion. The IMF will oversee the new money called SDRs (Special Drawing

Rights). Some people believe and China fervently hopes that SDRs will in due course replace the dollar as the main world reserve currency. I, however, am a sceptic. I doubt if the amount of SDRs will ever rival the dollar, euro or yen. Far from becoming a separate international currency, the SDR will remain a derivative of the dollar and a few other major national currencies. Before World War I, most countries were on the gold standard: currency issue was tied to the gold held in their reserves. A country whose gold holdings fell, had to shrink its money supply too. Such stiff discipline meant inflation was close to zero: governments could not print notes at will. But governments needed huge spending in World War I and so gave up the gold standard for the printing press. Besides, the bulk of gold production came from Russia and South Africa, and others refused to be at the mercy of those two countries for future money supply.

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Can IMF Currency Replace the Dollar? | Cato Institute

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Resort to printing presses started a century of unprecedented inflation. Today, governments cannot contemplate being anchored to gold that would leave them no flexibility to do things that voters demand. Voters also complain about inflation. But they prefer do-something governments plus inflation to do-nothing governments with stable prices. The abandonment of the gold standard was not exactly a success. The Great Depression arrived in 1929. Competitive devaluations by different countries caused world trade to sink by almost 80%. So, in 1944, major market economies gathered at Bretton Woods to devise a post-war monetary system. British economist J M Keynes favoured a new international currency, Bancor, anchored in 30 commodities. But there was no political will to give up the printing press. Instead, the new international system was anchored in the dollar, the only currency convertible to gold, with the exchange rates of other currencies overseen by the IMF. However, the US resented being the only country tied to gold, and gave up that link in 1971. After that, all currencies floated against one another. Countries kept forex reserves mainly in dollars, but also in sterling, yen, and euros. Recently, the US has ceased to dominate the world economy. It has run up record trade deficits and gargantuan foreign debt. China and other countries hold trillions of dollars in their forex reserves. With Obama printing trillions of dollars to stimulate the US economy, China fears that the dollar and Chinas own reserves will crash. Hence, China wants SDRs as a rival reserve currency, phasing out the dollar. Others like India are also keen on a fresh issue of SDRs to improve cash availability at a time when global lenders have withdrawn from developing countries. New SDRs could be one more stimulus for the sagging world economy.

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Can IMF Currency Replace the Dollar? | Cato Institute

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The IMF has since 1970 issued only 21.4 billion SDRs, worth $32 billion at todays exchange rate. The proposed new issue worth $250 billion will be far larger. Yet, it pales in comparison with trillions of dollars held in forex reserves globally. SDRs will probably be issued to countries in proportion to their IMF quotas. If so, two-thirds of new SDRs will go to rich developed countries. India will get just 2%, China just 3.7%. Hence, SDRs will hardly dent dollar dominance in global reserves or liquidity. Many US and German politicians oppose SDR creation saying it is funny money that will ultimately cause inflation. The Wall Street Journal opposes SDR creation because this will benefit political foes like Venezuela ($840 million), Iran ($465 million), Sudan ($100 million), Zimbabwe ($115 million), Syria ($90 million) and Myanmar ($80 million). Even if Obama persuades US Congress to approve the proposed $250 billion worth of SDRs, Congress will strongly oppose SDR creation on a scale big enough to rival the dollar as a reserve currency. Finally, readers should understand that the SDR is not a currency at all. It is simply a potential claim on four national currencies. The SDR is linked to a basket of currencies with a weight of 44% for the dollar, 34% for the euro, and 11% each for the yen and pound sterling. If India wants to use its SDRs, it will typically ask the IMF for dollars in exchange. The IMF will debit Indias SDR account, credit Americas SDR account, ask the US for the corresponding dollars, and hand these to India. So, SDRs are anchored in four existing currencies, and do not constitute an independent new currency. Nor will major powers allow the IMF to create a new currency independent of existing ones, anchored perhaps in gold. No politician wants to grant supra-national status to the IMF in money creation. The SDR is allowed in small quantities as a derivative of existing currencies. Thats all.

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Can IMF Currency Replace the Dollar? | Cato Institute

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For now, the dollar remains supreme. One day the Chinese yuan and Indian rupee may become fully convertible, and join the list of reserve currencies. That may diminish dollar dominance. But SDRs will remain peripheral.

Swaminathan S. Anklesaria Aiyar (http://www.cato.org/people/swaminathan-anklesariaaiyar) is a research fellow at the Cato Institutes Center for Global Liberty and Prosperity.

(/people/swaminathan -anklesaria-aiyar)

P RINTED FRO M CATO. O RG

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BIS sceptical on reserves role for SDR - Central Banking

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BIS sceptical on reserves role for SDR


Trying to create global currency from accounting unit would not solve problems highlighted by the crisis Author:Central Banking Newsdesk Source: Central Banking | 28 Jun 2010 Categories: Reserves, Financial Stability Topics:Bank for International Settlements Tweet

Greater use of the special drawing right (SDR) would fail to solve the funding problems associated with the dollar's dominance as the global reserve currency, the Bank for International Settlements (BIS) has warned. "The principal concern for monetary authorities during periods of crisis is ensuring the availability of sufficient funds in the international currency whichever it is," the BIS said in its Annual Report, out Monday. "Currently it is the dollar, and to a much lesser extent, the Swiss franc and the euro. The emergence of some other dominant international currency or currencies (actual or virtual) would not change the nature of the problem."

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BIS sceptical on reserves role for SDR - Central Banking

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The report added: "Use of an international currency, such as the SDR, which is based on a basket of national currencies [the euro, dollar, yen and sterling], will not solve this problem. In fact, it makes it more complicated: officials in countries whose currencies make up the basket would tend to view the unconditional issuance of the composite unit no differently from the unconditional issuance of their own currencies." The SDR is an international reserve asset, created by the IMF in 1969 to supplement the existing official reserves of member countries. SDRs are allocated to member countries in proportion to their IMF quotas. The SDR also serves as the unit of account of the IMF and some other international organisations, including the BIS. In March last year, Zhou Xiaochuan, the governor of the People's Bank of China, urged countries to adopt the SDR as an international reserve currency as part of a move towards a more stable global monetary order. Dollar's dominance The financial crisis highlighted foreign banks' reliance on short-term dollar funding. During the turmoil, this reliance forced some central banks to intervene using their foreign-exchange reserves. However, the BIS noted, these reserves eventually needed to be supplemented with foreign-exchange swap lines, particularly from the Federal Reserve. The BIS acknowledged that this presented problems. "Any central bank's ability to provide liquidity in a foreign currency is limited, given that foreign currency holdings are finite. Further, the issuer of an international currency cannot be expected to provide liquidity insurance unconditionally."

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SDRs per Currency unit and Currency units per SDR -- last five days

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SDRs per Currency unit and Currency units per SDR last five days
1

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Exchange Rate Archives

SDRs per Currency unit 2 March 03, 2013 March 01, 2013 February 28, 2013 February 27, 2013 February 26, 2013

Euro Japanese Yen U.K. Pound Sterling U.S. Dollar Algerian Dinar Argentine Peso Australian Dollar Bahrain Dinar Botswana Pula Brazilian Real Brunei Dollar Canadian Dollar Chilean Peso Chinese Yuan Colombian Peso Czech Koruna Danish Krone Hungarian Forint Icelandic Krona Indian Rupee Indonesian Rupiah Iranian Rial Israeli New Sheqel Kazakhstani Tenge Korean Won Kuwaiti Dinar Libyan Dinar Malaysian Ringgit Mauritian Rupee Mexican Peso Nepalese Rupee New Zealand Dollar Norwegian Krone Rial Omani Pakistani Rupee

0.8623490000 0.8666980000 0.8648920000 0.8644330000 0.0071635500 0.0071381900 0.0071834400 0.0071463000 0.9962120000 1.0028800000 0.9988820000 1.0009400000 0.6633450000 0.6601400000 0.6603740000 0.6610330000 0.0084308400 0.0084248600 0.0084170300 0.0084182200

0.6787350000 0.6782940000 0.6745060000 0.6792110000 1.7642200000 1.7556900000 1.7563100000 1.7580700000 0.0813924000 0.0818574000 0.0823486000 0.0825630000 0.3358030000 0.3332860000 0.3332190000 0.3359590000 0.5362100000 0.5339640000 0.5335920000 0.5335640000 0.6449640000 0.6418470000 0.6442670000 0.6430280000 0.0014025400 0.0013947600 0.0013948400 0.0013974700 0.1056320000 0.1051530000 0.1050850000 0.1051660000 0.0003656240 0.0003634290 0.0003631340 0.0003659980 0.0335888000 0.0338100000 0.0337356000 0.0338228000 0.1156560000 0.1162420000 0.1159890000 0.1158930000 0.0029311300 0.0029235600 0.0029169800 0.0029510400 0.0053379300 0.0052458700 0.0052294400 0.0052062100 0.0121756000 0.0122763000 0.0122666000 0.0122267000 0.0000685415 0.0000682880 0.0000681923 0.0000681126 0.0000541064 0.0000538450 0.0000538641 0.0000539179 0.1781750000 0.1780310000 0.1771390000 0.1770780000 0.0044058500 0.0043901000 0.0043893300 0.0043980900 0.0006111530 0.0006082000 0.0006069610 0.0006079020 2.3427300000 2.3314100000 2.3301800000 2.3445000000 0.5174910000 0.5174910000 0.5174910000 0.5174910000 0.2143970000 0.2134990000 0.2130580000 0.2130650000 0.0214199000 0.0214548000 0.0215053000 0.0518190000 0.0516562000 0.0514623000 0.0513703000 0.0076255300 0.0076751500 0.0076246900 0.0076552800 0.5471270000 0.5465960000 0.5443460000 0.5504420000 0.1152020000 0.1157610000 0.1158290000 0.1158830000 1.7252100000 1.7168800000 1.7174900000 1.7192000000 0.0067522800 0.0067230400 0.0067274200 0.0067295300

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3/3/2013

SDRs per Currency unit and Currency units per SDR -- last five days

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Nuevo Sol Philippine Peso Polish Zloty Qatar Riyal Russian Ruble Saudi Arabian Riyal Singapore Dollar South African Rand Sri Lanka Rupee Swedish Krona Swiss Franc Thai Baht Trinidad And Tobago Dollar Tunisian Dinar U.A.E. Dirham Peso Uruguayo Bolivar Fuerte

0.2553730000 0.2559590000 0.2559170000 0.0163136000 0.0162053000 0.0162111000 0.0162400000 0.2088030000 0.2083840000 0.2073970000 0.2083110000 0.1822380000 0.1813570000 0.1814210000 0.1816020000 0.0216510000 0.0216351000 0.0215666000 0.0216102000 0.1768920000 0.1760370000 0.1761000000 0.1762750000 0.5362100000 0.5339640000 0.5335920000 0.5335640000 0.0729660000 0.0737710000 0.0743857000 0.0749581000 0.0052042200 0.0051781500 0.0051796600 0.0051928600 0.1032040000 0.1025830000 0.1024760000 0.1021140000 0.7052360000 0.7092180000 0.7098510000 0.7106350000 0.0222973000 0.0221546000 0.0221439000 0.0221377000 0.1039370000 0.1031500000 0.1029310000 0.1033040000 0.4219480000 0.4177840000 0.4180640000 0.4219810000 0.1806250000 0.1797520000 0.1798160000 0.1799950000 0.0347119000 0.0345370000 0.0345348000 0.0345692000 0.1055580000 0.1050480000 0.1050850000 0.1051900000
Currency units per SDR 3 March 03, 2013 March 01, 2013 February 28, 2013 February 27, 2013 February 26, 2013

Euro Japanese Yen U.K. Pound Sterling U.S. Dollar Algerian Dinar Argentine Peso Australian Dollar Bahrain Dinar Botswana Pula Brazilian Real Brunei Dollar Canadian Dollar Chilean Peso Chinese Yuan Colombian Peso Czech Koruna Danish Krone Hungarian Forint Icelandic Krona Indian Rupee Indonesian Rupiah Iranian Rial Israeli New Sheqel Kazakhstani Tenge Korean Won Kuwaiti Dinar Libyan Dinar

1.159620 139.596000 1.003800 1.507510 118.612000

1.153800 140.092000 0.997128 1.514830 118.696000

1.156210 139.209000 1.001120 1.514290 118.807000

1.156830 139.933000 0.999061 1.512780 118.790000

1.473330 0.566823 12.286200 2.977940 1.864940 1.550470 712.992000 9.466830 2,735.050000 29.771800 8.646330 341.165000 187.339000 82.131500

1.474290 0.569577 12.216400 3.000430 1.872790 1.558000 716.969000 9.509950 2,751.570000 29.577000 8.602740 342.049000 190.626000 81.457800

1.482570 0.569376 12.143500 3.001030 1.874090 1.552150 716.928000 9.516110 2,753.800000 29.642300 8.621510 342.820000 191.225000 81.522200

1.472300 0.568806 12.112000 2.976550 1.874190 1.555140 715.579000 9.508780 2,732.260000 29.565900 8.628650 338.864000 192.078000 81.788200

14,589.700000 14,643.900000 14,664.400000 14,681.600000 18,482.100000 18,571.800000 18,565.200000 18,546.700000 5.612460 226.971000 1,636.250000 0.426852 1.932400 5.617000 227.785000 1,644.200000 0.428925 1.932400 5.645280 227.825000 1,647.550000 0.429151 1.932400 5.647230 227.371000 1,645.000000 0.426530 1.932400

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SDRs per Currency unit and Currency units per SDR -- last five days

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Malaysian Ringgit Mauritian Rupee Mexican Peso Nepalese Rupee New Zealand Dollar Norwegian Krone Rial Omani Pakistani Rupee Nuevo Sol Philippine Peso Polish Zloty Qatar Riyal Russian Ruble Saudi Arabian Riyal Singapore Dollar South African Rand Sri Lanka Rupee Swedish Krona Swiss Franc Thai Baht Trinidad And Tobago Dollar Tunisian Dinar U.A.E. Dirham Peso Uruguayo Bolivar Fuerte

4.664240

4.683860 46.685600

4.693560 46.609600 19.431700 131.153000 1.837070 8.633420 0.582245 148.645000 3.906880 61.686100 4.821670 5.512040 46.368000 5.678590 1.874090 13.443400 193.063000 9.758380 1.408750 45.159200 9.715250 2.391980 5.561240 28.956300 9.516110

4.693400 46.500200 19.466500 130.629000 1.816720 8.629390 0.581666 148.599000 3.907520 61.576400 4.800510 5.506550 46.274400 5.672950 1.874190 13.340800 192.572000 9.792980 1.407190 45.171800 9.680170 2.369770 5.555710 28.927500 9.506610

19.297900 131.138000 1.827730 8.680400 0.579640 148.098000

19.358800 130.291000 1.829500 8.638490 0.582452 148.742000 3.915840

61.298500 4.789200 5.487330 46.187200 5.653170 1.864940 13.705000 192.152000 9.689550 1.417970 44.848500 9.621210 2.369960 5.536330 28.808600 9.473460

61.708200 4.798830 5.513990 46.221200 5.680620 1.872790 13.555500 193.119000 9.748200 1.410000 45.137400 9.694620 2.393580 5.563220 28.954500 9.519460

Notes: (1) Exchange rates are published daily except on IMF holidays or whenever the IMF is closed for business. (2) The value of the U.S. dollar in terms of the SDR is the reciprocal of the sum of the dollar values, based on market exchange rates, of specified quantities of the first four currencies shown. See SDR Valuation. The value in terms of the SDR of each of the other currencies shown above is derived from that currency's representative exchange rate against the U.S. dollar as reported by the issuing central bank and the SDR value of the U.S. dollar, except for the Iranian rial and the Libyan dinar, the values of which are officially expressed directly in terms of domestic currency units per SDR. All figures are rounded to six significant digits. See Representative Exchange Rates for Selected Currencies. (3) The value in terms of each national currency of the SDR is the reciprocal of the value in terms of the SDR of each national currency, rounded to six significant digits.

Disclaimer The International Monetary Fund makes no warranties, express or implied, regarding these tables or the performance of this site. The IMF shall not be liable for any losses or damages incurred in connection with this site.

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SDR Valuation

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SDR Valuation
The currency value of the SDR is determined by summing the values in U.S. dollars, based on market exchange rates, of a basket of major currencies (the U.S. dollar, Euro, Japanese yen, and pound sterling). The SDR currency value is calculated daily (except on IMF holidays or whenever the IMF is closed for business) and the valuation basket is reviewed and adjusted every five years. Currency Amounts in New Special Drawing Rights (SDR) Basket

Download SDR valuation history XLS

SDR rates as of:

March

2013

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Friday, March 01, 2013 Currency Euro Japanese yen Pound sterling U.S. dollar Currency amount under Rule O-1 0.4230 12.1000 0.1110 0.6600 Exchange rate 1 1.30180 92.97000 1.50180 1.00000 U.S.$1.00 = SDR SDR1 = US$ U.S. dollar equivalent 0.550661 0.130150 0.166700 0.660000 1.507511 0.663345 2 1.50751 4 0.486 3 Percent change in exchange rate against U.S. dollar from previous calculation -0.762 -0.882 -1.145

Footnotes 1 The exchange rate for the Japanese yen is expressed in terms of currency units per U.S. dollar; other rates are expressed as U.S. dollars per currency unit. 2 IMF Rule O-2(a) defines the value of the U.S. dollar in terms of the SDR as the reciprocal of the sum of the equivalents in U.S. dollars of the amounts of the currencies in the SDR basket, rounded to six significant digits. Each U.S. dollar equivalent is calculated on the basis of the middle rate between the buying and selling exchange rates at noon in the London market. If the exchange rate for any currency cannot be obtained from the London Market, the rate shall be the middle rate between the buying and selling exchange rates at noon in the New York market or, if not available there, the rate shall be determined on the basis of euro reference rates published by the European Central Bank. 3 Percent change in value of one U.S. dollar in terms of SDRs from previous calculation. 4 The reciprocal of the value of the U.S dollar in terms of the SDR, rounded to six significant digits. Related Links IMF Finances IMF Lending Factsheet Financial Data by Country Glossary Disclaimer The International Monetary Fund makes no warranties, express or implied, regarding these tables or the performance of this site. The IMF shall not be liable for any losses or damages incurred in connection with this site.

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SDR Valuation

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IMF, special drawing rights (XDR) - Norges Bank

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IMF, special drawing rights (XDR)


NOK per 1 XDR Monthly average of daily figures. Annual average of daily figures.

Exchange rate 01.03.2013 28.02.2013 27.02.2013 26.02.2013 25.02.2013 22.02.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 15.02.2013 14.02.2013 13.02.2013 12.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 30.01.2013 29.01.2013 28.01.2013 25.01.2013 24.01.2013 23.01.2013 22.01.2013 21.01.2013 8.68040 8.63847 8.63344 8.62937 8.52159 8.58549 8.60120 8.44792 8.47436 8.46317 8.47077 8.42595 8.38054 8.41312 8.43049 8.47206 8.43647 8.43128 8.42398 8.43135 8.40570 8.45746 8.45923 8.47700 8.50310 8.46711 8.52099 8.53439 8.58944 8.57419

http://www.norges-bank.no/en/prisstabilitet/valutakurser/xdr/

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IMF, special drawing rights (XDR) - Norges Bank

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18.01.2013 17.01.2013 16.01.2013 15.01.2013 14.01.2013 11.01.2013 10.01.2013 09.01.2013 08.01.2013 07.01.2013 04.01.2013 03.01.2013 02.01.2013 01.01.2013 31.12.2012 28.12.2012 27.12.2012 26.12.2012 25.12.2012 24.12.2012 21.12.2012 20.12.2012 19.12.2012 18.12.2012 17.12.2012 14.12.2012 13.12.2012 12.12.2012 11.12.2012 10.12.2012 07.12.2012

8.60289 8.52344 8.59643 8.54844 8.49411 8.50239 8.51444 8.57448 8.57660 8.55760 8.55374 8.53470 8.49825 NA 8.55511 8.55434 8.57080 NA NA NA 8.54250 8.59124 8.56955 8.63929 8.62894 8.66123 8.61628 8.63494 8.66818 8.67596 8.70075

Norges Bank | Bankplassen 2, P.O Box 1179 Sentrum | N-0107 Oslo, Norway | Tel | Disclaimer

http://www.norges-bank.no/en/prisstabilitet/valutakurser/xdr/

3/3/2013