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The IMFs Currency Composition of Official Foreign Exchange Reserves (COFER) database continues to indicate that dollar remains the preferred reserve currency. In the fourth quarter of 2011, the dollar made up 62.1% of official reserves vs. 61.8% in the third quarter. The dollar accounted for 61.4% of official reserves in 2011 vs. 61.8% in 2010 and 62% in 2009. The euros share was virtually unchanged in 2011 at 26%. The small dip in the dollars share was taken over by other currencies component of the IMFs categories. Mr. Derrick of BNY Mellon has identified the Aussie dollar as the beneficiary. It is also noteworthy that the euros share has decline to 25.94% in 2011 from 27.66% in 2009. Is the dollars role as an official reserve currency shrinking? A small decline is visible prior to the onset of the crisis but the dollar has prevailed in the past three years (see Chart 1).