✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

IMF considers options to issue SDRs-spokeswoman

Published 04/09/2009, 11:02 AM
Updated 04/09/2009, 11:08 AM
TTEF
-

WASHINGTON, April 9 (Reuters) - The International Monetary Fund is considering ways to issue the $250 billion in Special Drawing Rights to member countries agreed to by the G20 last week to boost liquidity, an IMF spokeswoman said on Thursday.

Spokeswoman Caroline Atkinson said the proposal will require approval by 85 percent of the IMF's board of governors, made up of finance ministers or central bankers from the IMF's 185 member countries.

SDRs are the IMF's unit of account and their value is based on a basket of currencies including the dollar, Japanese yen, British pound and euro.

"We are working intensively on getting papers ready ... to look at options for how to do the SDR allocation and when to do it," Atkinson told a regular news briefing, a week after the G20 leaders' summit in London.

"I can't give you a date for when we expect it to be completed but we're hopeful it won't be too long," Atkinson added.

The G20 agreed to a trillion-dollar boost for the IMF, including $750 billion for total lending to countries hit by the financial crisis, and an additional $250 billion issued in SDRs to boost members' foreign reserves.

(Reporting by Lesley Wroughton; Editing by Walker Simon)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.