EFTA Document EFTA01449287

28 February 2013 Exchange Rate Perspectives Deutsche Bank Central Bank Reserves Currency Composition Monitor Figure 1: Official FX reserves have quadrupled reflecting primarily the growth of EM holdings 12000 14000 0000 - 6000 . 4.000 2000 -TaslfXRa erne MMIX An inn EMFX Resent! U5DEla 6.030 4033 Figure 2: Mature market (MM) reserves have grown only modestly reflecting valuation & interest 4000 3500 3000 293) 2003 1503 103) 2.000 500 1999 2000 2002 2003 20092006 20