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U.S. dollar's share of FX reserves steady in Q1, euro's share falls
By Gertrude Chavez-Dreyfuss
Reuters
via U.S. News and World Report, Washington
Thursday, June 30, 2022
NEW YORK -- The U.S. dollar's share of currency reserves reported to the International Monetary Fund was 58.8% in the first quarter, unchanged from that of the last three months of 2021, IMF data showed on Thursday.
The greenback remains the largest-held currency reserve by global central banks.
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The euro's share, however, slipped to 20% in the first quarter from 20.6% in the previous three months. In 2009, the euro hit its highest share at 28%.
Global reserves, which are reported in U.S. dollars, are assets of central banks held in different currencies used primarily to support their liabilities. Central banks sometimes use reserves to help support their respective currencies.
"The (IMF) data is not a major surprise after what happened in Ukraine ... The dollar only got stronger and the euro got weaker, and I suspect those trends will not change much in the near term," said Kenneth Broux, an FX strategist at Societe Generale in London. ...
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