VARIOUS DOCUMENTS COVERING ANZ, WESTPAC, FEDERAL RESERVE, IMF, BIS, FUNDING

Bank for International Settlements

Type International organization

Purpose/focus Central bank cooperation

Location Basel, Switzerland

Membership 58 central banks

General

manager

Jaime Caruana

Main organ Board of directors[1]

Website www.bis.org

(http://www.bis.org)

BIS members.

Bank for International SettlementsFrom Wikipedia, the free encyclopedia

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.

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

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.

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.

Coordinates:

Page 1 of 4Bank for International Settlements - Wikipedia, the free encyclopedia

3/3/2013http://en.wikipedia.org/wiki/Bank_for_International_Settlements

The BIS Headquarters in Basel,

Switzerland.

BIS building by Mario Botta, in

Basel.

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).

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 region-

specific 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.

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 values—more 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:



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 Nationality Dates

Jaime Caruana Spain April 2009 – present

Malcolm D. Knight Canada April 2003 – September 2008

Sir Andrew Crockett United Kingdom January 1994 – March 2003

Alexandre Lamfalussy Belgium May 1985 – December 1993

Gunther Schleiminger Germany 1981 – May 1985

René Larre France 1971–1981

Gabriel Ferras France 1963–1971

Guillaume Guindey France 1958–1963

Roger Auboin France 1938–1958

Pierre Quesnay France 1930–1938

Board of directors

■ Christian Noyer, Paris (Chairman of the Board of Directors)

■ Masaaki Shirakawa, Tokyo

■ Ben Bernanke, Washington, D.C.

■ Mark Carney, Ottawa

■ Agustín 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.



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

47°32′53″N 7°35′31″E (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.



IMF calls for dollar alternative

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

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

By Ben Rooney, staff reporter February 10, 2011: 4:37 PM ET

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Page 1 of 3IMF discusses plan to replace dollar as reserve currency - Feb. 10, 2011

3/3/2013http://money.cnn.com/2011/02/10/markets/dollar/index.htm

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.

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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Sales are up but CEOs are getting nervous

Track 17 major currenciesFirst Published: February 10, 2011: 2:47 PM ET

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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. IMFmembers 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 immediatecontributions 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

Page 1 of 1Bank of England | Markets | Foreign Exchange Markets | UK's Official Reserves | Internat...

3/3/2013http://www.bankofengland.co.uk/markets/Pages/forex/reserves/imf_sdrs.aspx

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.

Page 1 of 1SDR to replace gold franc at the BIS

3/3/2013http://www.bis.org/press/p030311d.htm

Bloomberg.com Businessweek.com Bloomberg TV

COMMENTS QUEUE

Algeria to Contribute $5 Billion to IMF

Through SDRs, APS Says

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 nation’s 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 [email protected]

To contact the editor responsible for this story: Andrew J. Barden at [email protected]

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Page 1 of 2Algeria to Contribute $5 Billion to IMF Through SDRs, APS Says - Bloomberg

3/3/2013http://www.bloomberg.com/news/2012-10-11/algeria-to-contribute-5-billion-to-imf-through...

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Page 2 of 2Algeria to Contribute $5 Billion to IMF Through SDRs, APS Says - Bloomberg

3/3/2013http://www.bloomberg.com/news/2012-10-11/algeria-to-contribute-5-billion-to-imf-through...

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.

W 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.

Page 1 of 4Can IMF Currency Replace the Dollar? | Cato Institute

3/3/2013http://www.cato.org/publications/commentary/can-imf-currency-replace-dollar

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 China’s 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.



The IMF has since 1970 issued only 21.4 billion SDRs, worth $32 billion at

today’s 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

India’s SDR account, credit America’s 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. That’s all.



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.

(/people/swaminathan

-anklesaria-aiyar)

Swaminathan S. Anklesaria Aiyar

(http://www.cato.org/people/swaminathan-anklesaria-

aiyar) is a research fellow at the Cato Institute’s Center

for Global Liberty and Prosperity.

PRINTED FROM CATO.ORG



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Page 1 of 4BIS sceptical on reserves role for SDR - Central Banking

3/3/2013http://www.centralbanking.com/central-banking/news/1719617/bis-sceptical-reserves-role-sdr


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Where am I? Home News Central Banks Reserves

News

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

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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."



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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Home About the IMF Research Country Info News Videos Data and Statistics Publications

SDRs per Currency unit and Currency units per SDR

last five days1

Exchange Rate Archives

Download this file

TSV -- TSV tips

SDRs per Currency unit 2

March 03, 2013

March 01, 2013

February 28, 2013

February 27, 2013

February 26, 2013

Euro 0.8623490000 0.8666980000 0.8648920000 0.8644330000

Japanese Yen 0.0071635500 0.0071381900 0.0071834400 0.0071463000

U.K. Pound Sterling 0.9962120000 1.0028800000 0.9988820000 1.0009400000

U.S. Dollar 0.6633450000 0.6601400000 0.6603740000 0.6610330000

Algerian Dinar 0.0084308400 0.0084248600 0.0084170300 0.0084182200

Argentine Peso

Australian Dollar 0.6787350000 0.6782940000 0.6745060000 0.6792110000

Bahrain Dinar 1.7642200000 1.7556900000 1.7563100000 1.7580700000

Botswana Pula 0.0813924000 0.0818574000 0.0823486000 0.0825630000

Brazilian Real 0.3358030000 0.3332860000 0.3332190000 0.3359590000

Brunei Dollar 0.5362100000 0.5339640000 0.5335920000 0.5335640000

Canadian Dollar 0.6449640000 0.6418470000 0.6442670000 0.6430280000

Chilean Peso 0.0014025400 0.0013947600 0.0013948400 0.0013974700

Chinese Yuan 0.1056320000 0.1051530000 0.1050850000 0.1051660000

Colombian Peso 0.0003656240 0.0003634290 0.0003631340 0.0003659980

Czech Koruna 0.0335888000 0.0338100000 0.0337356000 0.0338228000

Danish Krone 0.1156560000 0.1162420000 0.1159890000 0.1158930000

Hungarian Forint 0.0029311300 0.0029235600 0.0029169800 0.0029510400

Icelandic Krona 0.0053379300 0.0052458700 0.0052294400 0.0052062100

Indian Rupee 0.0121756000 0.0122763000 0.0122666000 0.0122267000

Indonesian Rupiah 0.0000685415 0.0000682880 0.0000681923 0.0000681126

Iranian Rial 0.0000541064 0.0000538450 0.0000538641 0.0000539179

Israeli New Sheqel 0.1781750000 0.1780310000 0.1771390000 0.1770780000

Kazakhstani Tenge 0.0044058500 0.0043901000 0.0043893300 0.0043980900

Korean Won 0.0006111530 0.0006082000 0.0006069610 0.0006079020

Kuwaiti Dinar 2.3427300000 2.3314100000 2.3301800000 2.3445000000

Libyan Dinar 0.5174910000 0.5174910000 0.5174910000 0.5174910000

Malaysian Ringgit 0.2143970000 0.2134990000 0.2130580000 0.2130650000

Mauritian Rupee 0.0214199000 0.0214548000 0.0215053000

Mexican Peso 0.0518190000 0.0516562000 0.0514623000 0.0513703000

Nepalese Rupee 0.0076255300 0.0076751500 0.0076246900 0.0076552800

New Zealand Dollar 0.5471270000 0.5465960000 0.5443460000 0.5504420000

Norwegian Krone 0.1152020000 0.1157610000 0.1158290000 0.1158830000

Rial Omani 1.7252100000 1.7168800000 1.7174900000 1.7192000000

Pakistani Rupee 0.0067522800 0.0067230400 0.0067274200 0.0067295300

What's New Site Map Site Index Contact Us Glossary

Page 1 of 3SDRs per Currency unit and Currency units per SDR -- last five days

3/3/2013http://www.imf.org/external/np/fin/data/rms_five.aspx

Nuevo Sol 0.2553730000 0.2559590000 0.2559170000

Philippine Peso 0.0163136000 0.0162053000 0.0162111000 0.0162400000

Polish Zloty 0.2088030000 0.2083840000 0.2073970000 0.2083110000

Qatar Riyal 0.1822380000 0.1813570000 0.1814210000 0.1816020000

Russian Ruble 0.0216510000 0.0216351000 0.0215666000 0.0216102000

Saudi Arabian Riyal 0.1768920000 0.1760370000 0.1761000000 0.1762750000

Singapore Dollar 0.5362100000 0.5339640000 0.5335920000 0.5335640000

South African Rand 0.0729660000 0.0737710000 0.0743857000 0.0749581000

Sri Lanka Rupee 0.0052042200 0.0051781500 0.0051796600 0.0051928600

Swedish Krona 0.1032040000 0.1025830000 0.1024760000 0.1021140000

Swiss Franc 0.7052360000 0.7092180000 0.7098510000 0.7106350000

Thai Baht 0.0222973000 0.0221546000 0.0221439000 0.0221377000

Trinidad And Tobago Dollar 0.1039370000 0.1031500000 0.1029310000 0.1033040000

Tunisian Dinar 0.4219480000 0.4177840000 0.4180640000 0.4219810000

U.A.E. Dirham 0.1806250000 0.1797520000 0.1798160000 0.1799950000

Peso Uruguayo 0.0347119000 0.0345370000 0.0345348000 0.0345692000

Bolivar Fuerte 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 1.159620 1.153800 1.156210 1.156830

Japanese Yen 139.596000 140.092000 139.209000 139.933000

U.K. Pound Sterling 1.003800 0.997128 1.001120 0.999061

U.S. Dollar 1.507510 1.514830 1.514290 1.512780

Algerian Dinar 118.612000 118.696000 118.807000 118.790000

Argentine Peso

Australian Dollar 1.473330 1.474290 1.482570 1.472300

Bahrain Dinar 0.566823 0.569577 0.569376 0.568806

Botswana Pula 12.286200 12.216400 12.143500 12.112000

Brazilian Real 2.977940 3.000430 3.001030 2.976550

Brunei Dollar 1.864940 1.872790 1.874090 1.874190

Canadian Dollar 1.550470 1.558000 1.552150 1.555140

Chilean Peso 712.992000 716.969000 716.928000 715.579000

Chinese Yuan 9.466830 9.509950 9.516110 9.508780

Colombian Peso 2,735.050000 2,751.570000 2,753.800000 2,732.260000

Czech Koruna 29.771800 29.577000 29.642300 29.565900

Danish Krone 8.646330 8.602740 8.621510 8.628650

Hungarian Forint 341.165000 342.049000 342.820000 338.864000

Icelandic Krona 187.339000 190.626000 191.225000 192.078000

Indian Rupee 82.131500 81.457800 81.522200 81.788200

Indonesian Rupiah 14,589.700000 14,643.900000 14,664.400000 14,681.600000

Iranian Rial 18,482.100000 18,571.800000 18,565.200000 18,546.700000

Israeli New Sheqel 5.612460 5.617000 5.645280 5.647230

Kazakhstani Tenge 226.971000 227.785000 227.825000 227.371000

Korean Won 1,636.250000 1,644.200000 1,647.550000 1,645.000000

Kuwaiti Dinar 0.426852 0.428925 0.429151 0.426530

Libyan Dinar 1.932400 1.932400 1.932400 1.932400



Home What's New Site Map Site Index About the IMF Research Country Info News Videos

Data and Statistics Publications Copyright and Usage Privacy Policy How to Contact Us

يبرع 中文 Français 日本語 Русский Español

Malaysian Ringgit 4.664240 4.683860 4.693560 4.693400

Mauritian Rupee 46.685600 46.609600 46.500200

Mexican Peso 19.297900 19.358800 19.431700 19.466500

Nepalese Rupee 131.138000 130.291000 131.153000 130.629000

New Zealand Dollar 1.827730 1.829500 1.837070 1.816720

Norwegian Krone 8.680400 8.638490 8.633420 8.629390

Rial Omani 0.579640 0.582452 0.582245 0.581666

Pakistani Rupee 148.098000 148.742000 148.645000 148.599000

Nuevo Sol 3.915840 3.906880 3.907520

Philippine Peso 61.298500 61.708200 61.686100 61.576400

Polish Zloty 4.789200 4.798830 4.821670 4.800510

Qatar Riyal 5.487330 5.513990 5.512040 5.506550

Russian Ruble 46.187200 46.221200 46.368000 46.274400

Saudi Arabian Riyal 5.653170 5.680620 5.678590 5.672950

Singapore Dollar 1.864940 1.872790 1.874090 1.874190

South African Rand 13.705000 13.555500 13.443400 13.340800

Sri Lanka Rupee 192.152000 193.119000 193.063000 192.572000

Swedish Krona 9.689550 9.748200 9.758380 9.792980

Swiss Franc 1.417970 1.410000 1.408750 1.407190

Thai Baht 44.848500 45.137400 45.159200 45.171800

Trinidad And Tobago Dollar 9.621210 9.694620 9.715250 9.680170

Tunisian Dinar 2.369960 2.393580 2.391980 2.369770

U.A.E. Dirham 5.536330 5.563220 5.561240 5.555710

Peso Uruguayo 28.808600 28.954500 28.956300 28.927500

Bolivar Fuerte 9.473460 9.519460 9.516110 9.506610

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.



Home About the IMF Research Country Info News Videos Data and Statistics Publications

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 1 2013 Go

Friday, March 01, 2013

CurrencyCurrency amount under Rule O-1 Exchange rate 1 U.S. dollar equivalent

Percent change in exchange rate against U.S. dollar from

previous calculation

Euro 0.4230 1.30180 0.550661 -0.762

Japanese yen 12.1000 92.97000 0.130150 -0.882

Pound sterling 0.1110 1.50180 0.166700 -1.145

U.S. dollar 0.6600 1.00000 0.660000

1.507511

U.S.$1.00 = SDR 0.663345 2 0.486 3

SDR1 = US$ 1.50751 4

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 FinancesIMF Lending Factsheet

Financial Data by CountryGlossary

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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Page 1 of 2SDR Valuation

3/3/2013http://www.imf.org/external/np/fin/data/rms_sdrv.aspx

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Page 2 of 2SDR Valuation

3/3/2013http://www.imf.org/external/np/fin/data/rms_sdrv.aspx

IMF, special drawing rights (XDR)NOK per 1 XDR

Monthly average of daily figures. Annual average of daily figures.

Exchange rate

01.03.2013 8.68040

28.02.2013 8.63847

27.02.2013 8.63344

26.02.2013 8.62937

25.02.2013 8.52159

22.02.2013 8.58549

21.02.2013 8.60120

20.02.2013 8.44792

19.02.2013 8.47436

18.02.2013 8.46317

15.02.2013 8.47077

14.02.2013 8.42595

13.02.2013 8.38054

12.02.2013 8.41312

11.02.2013 8.43049

08.02.2013 8.47206

07.02.2013 8.43647

06.02.2013 8.43128

05.02.2013 8.42398

04.02.2013 8.43135

01.02.2013 8.40570

31.01.2013 8.45746

30.01.2013 8.45923

29.01.2013 8.47700

28.01.2013 8.50310

25.01.2013 8.46711

24.01.2013 8.52099

23.01.2013 8.53439

22.01.2013 8.58944

21.01.2013 8.57419

Page 1 of 2IMF, special drawing rights (XDR) - Norges Bank

3/3/2013http://www.norges-bank.no/en/prisstabilitet/valutakurser/xdr/

18.01.2013 8.60289

17.01.2013 8.52344

16.01.2013 8.59643

15.01.2013 8.54844

14.01.2013 8.49411

11.01.2013 8.50239

10.01.2013 8.51444

09.01.2013 8.57448

08.01.2013 8.57660

07.01.2013 8.55760

04.01.2013 8.55374

03.01.2013 8.53470

02.01.2013 8.49825

01.01.2013 NA

31.12.2012 8.55511

28.12.2012 8.55434

27.12.2012 8.57080

26.12.2012 NA

25.12.2012 NA

24.12.2012 NA

21.12.2012 8.54250

20.12.2012 8.59124

19.12.2012 8.56955

18.12.2012 8.63929

17.12.2012 8.62894

14.12.2012 8.66123

13.12.2012 8.61628

12.12.2012 8.63494

11.12.2012 8.66818

10.12.2012 8.67596

07.12.2012 8.70075

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

Page 2 of 2IMF, special drawing rights (XDR) - Norges Bank

3/3/2013http://www.norges-bank.no/en/prisstabilitet/valutakurser/xdr/

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