Proportion of euros held in forex reserves falls

The proportion of euros held in official foreign-exchange reserves fell in the first quarter, suggesting that central banks allowed their allocation of the single currency to decline amid negative interest rates in the eurozone.

Central banks held 21% of their reserves in euros at the end of the first quarter, the lowest share in 13 years, data released Tuesday by International Monetary Fund showed. That is down from 22% at the end of 2014.

The percentage held in dollars rose to 64%, from 63% at the end of the fourth quarter. The data is released on the last business day of every quarter with a six-month lag.

The euro fell as low as $1.0462 in the first quarter, its weakest level in more than 12 years, lowering the valuation of reserves held in the currency.

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