Forex reserves near $6 trillion, says IMF

WASHINGTON - Global foreign exchange reserves topped US$4 trillion ($5.9 trillion) for the first time in the third quarter of 2005, the International Monetary Fund says.

In its first quarterly update of international currency reserves data, the IMF says the more frequent update will enhance transparency and "the smooth functioning of national and international financial systems".

The data showed total foreign exchange holdings rose US$95 billion, or 2.4 per cent, from the previous quarter to stand at US$4.04 trillion in the three months through September.

Total reserves were up US$599 billion, or 17 per cent, from the third quarter of 2004 and have more than doubled from the US$1.88 trillion recorded in the third quarter of 2000.

The IMF data shows that about US$1.791 trillion were registered as US dollar claims.

- REUTERS