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Business

IMF to inject 250 billion dollars to boost members' forex reserves

Text by NEWS WIRES

Latest update : 2009-08-13

The International Monetary Fund will inject 250 billion dollars into member nations' foreign-exchange reserves. IMF hopes to boost liquidity in the face of the of the global economic crisis.

AFP - The International Monetary Fund said Thursday it would inject 250 billion dollars into member nations' foreign exchange reserves to boost liquidity amid the global economic crisis.

Employing a rarely used tool, the IMF board of governors approved the allocation of Special Drawing Rights (SDRs) equivalent to 250 billion dollars, the multilateral institution said in a statement.

It was by far the largest general SDR allocation in the institution's six-decade history and will take effect on August 28.

The IMF board of governors endorsed on August 7 the proposed special SDR allocation that had been endorsed by the institution's executive board on July 17.

An SDR is an interest-bearing IMF asset that is based on a basket of international currencies -- the dollar, yen, euro and pound -- that is calculated daily and which members can convert into other currencies.

The general increase in SDRs was part of a 1.1 trillion dollar plan agreed at the Group of 20 summit in London in early April to tackle the global financial and economic crisis.

All 186 IMF member nations will share in the allocation "in proportion to their existing quotas in the fund, which are based broadly on their relative size in the global economy," the Washington-based institution said.

Date created : 2009-08-13

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