Entry Submitted by David Harkness at 1:44 AM EDT on July 1, 2021
Its again time to have some more facts behind what is being reported, obviously the writers are not bankers and have no proper contact with those in the know concerning process in banking terms.
One must understand the time differences of members of the IMF and their Central Banks reporting of currency values ,obviously Australasia is many hours ahead of USA.
This is possibly why the Federal Reserve report currencies rates weekly in arrears . Now USA have a bank holiday on Monday a further reporting delay so Tuesday they report last week’s values.
So no one will see any rate change at the Federal Reserve until the following week.
Whilst the Federal Reserve /Treasury are planning on removing the three zeros on their quoted price and then of course a American Banks such as Wells Fargo and JP Morgan etc.
The Vietnamese Dong and Indonesian Rupiah are listed in back office of IMF like the Federal Reserve except that determine the peg daily not weekly, like Fed Reserve who do it weekly in arrears.
I expect IMF is now the first place to look as they are the ones who inform Global Bankers of the overall rates including when there is a revaluation by a particular country.
The public rate is expected to be announced before or at the same time the Tier 4B Internet people are informed (they are considered public)
https://www.imf.org/external/np/fin/data/rms_rep.aspx
Its expected that on or shortly after the 6 July 2021 USA time the IMF will re list Vietnamese Dong, Indonesian Rupiah at new rates.
This should be a classified as a public notice of the RV for these countries.
http://www.floatrates.com/currency-usd.html
Above Shows listing at current rates.
http://www.floatrates.com/source/imf/
This shows the source of rates you will see Federal Reserve is not quoted.
Whilst there seems the go button has been pressed in USA I would expect the IMF may announce the Public Rate first .
Kind regards,
David Harkness
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