Newspaper article The Canadian Press

IMF Eyes Elevating Loonie to Elite Club of Global Reserve Currencies

Newspaper article The Canadian Press

IMF Eyes Elevating Loonie to Elite Club of Global Reserve Currencies

Article excerpt

Loonie considered for elite global club

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OTTAWA - The high-flying Canadian loonie may soon be joining the elite club of global reserve currencies.

The International Monetary Fund signalled in a new report it is considering asking foreign countries to report their holdings of Canadian and Australian dollars separately, which would technically make them global reserve currencies.

It would be the first addition to the list of five reserve currencies -- the U.S. greenback, the Japanese yen, the euro, the British sterling and Swiss franc -- since 1999.

Previously the two were lumped together in the "other currencies" category.

The notice was contained in an appendix of the new IMF report, which took note that at least two other countries held the Canadian and Australian dollars in their foreign reserves.

Bank of Montreal economist Doug Porter called the addition a "seal of approval" for Canada, but could carry some repercussions, both negative and positive. …

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