If Iceland adopts the loonie, Greenland could soon follow: economist

For the first time Canada’s loonie will join the U.S. greenback, euro and yen as official reserve currencies in International Monetary Fund data. The IMF said the Canadian and Australian dollar will be included in its Composition of Official Foreign Exchange Reserves from the third quarter. They’ve previously been included in an “other currencies” category in the COFER reports.

The Australian and Canadian dollars will be separately identified in the International Monetary Fund’s data on official reserve holdings from the third quarter, the fund said.

The joke in Greenland these days is how appropriate it is that the name of the state's capital is Nuuk, is now that the country is considering opening up its uranium deposits for development.

Gad Allon submits: By Gad Allon The Wall Street Journal had an interesting article on the impact of the rise of the Canadian Dollar on the manufacturing sector there and what firms do to fight it (“Loonie Hinders Canadian Firms“).

Only nine of 80 days were shot in Greenland, but they required months of preparation, including constructing and transporting 11 igloos and packing lots of silk underwear and high-platform shoes. When it comes to film locations, few could be considered as forbidding as Greenland.

Greenland's continent-sized icesheet is being significantly eroded by winds and currents that drive warmer water into fjords, where it carves out the base of coastal glaciers, according to studies released Sunday.The icy mass sitting atop Greenland holds enough water to boost global sea levels by seven metres (23 feet), potentially drowning low-lying coastal cities and deltas around the world.At present, the ocean watermark is rising at around three millimetres (0.12 inches) per year, a figure that compares with 1.8mm (0.07 inches) annually in the early 1960s.

By Angelo Airaghi:The Royal Bank of Canada (RY) should keep rates steady this week, while the loonie is losing more ground against the U.S. dollar.