Download or read book Applications To Become Holders of SDRS written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2023-02-21 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Monetary Fund (IMF) approved on February 8, 2023 the applications of the Caribbean Development Bank (CDB), the Development Bank of Latin America (known as Corporacion Andina de Fomento or CAF), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the Inter-American Development Bank (IADB) to become prescribed holders of Special Drawings Rights (SDRs). The SDR is an international reserve asset created by the IMF to supplement the reserves of IMF members that participate in the SDR Department. The IMF’s Articles of Agreement authorize the IMF to prescribe (i.e., approve) as holders of SDRs (i) non-members, (ii) members that are not participants in the SDR Department; (iii) institutions that perform functions of a central bank for one or more IMF member countries, and (iv) other official entities (which all five entities approved on February 8 are). Prescribed holders may acquire, hold and use SDRs in transactions by agreement and in operations. Approval of these five institutions brings the number of prescribed holders to twenty.

Download or read book Applications To Become Holders of SDRS written by International Monetary Fund. and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Use of SDRs in the Acquisition of Hybrid Capital Instruments of the Prescribed Holders written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2024-05-15 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: On May 10, 2024, the IMF’s Executive Board approved the use of Special Drawing Rights (SDRs) for the acquisition of hybrid capital instruments issued by prescribed holders. This new use of SDRs, which adds to seven already authorized prescribed SDR operations, is subject to a cumulative limit of SDR 15 billion to minimize liquidity risks. The Executive Board also established a strong expectation that contributors channeling SDRs to prescribed holders under such capital contributions have Voluntary Trading Arrangements (VTAs) in place to ensure sufficient liquidity and equitable distribution of potential SDR exchanges into currencies. A review of the proposed use is expected to be conducted when cumulative hybrid capital contributions surpass SDR 10 billion or two years after the authorization, whichever comes first.

Download or read book Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2009-08-28 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Against the backdrop of the global financial crisis, the IMF has decided to implement a US$250 billion general allocation of special drawing rights (SDRs). In addition, the Fourth Amendment of the Fund’s Articles of Agreement has recently become effective, and will make available to SDR Department participants a special allocation of up to an additional SDR 21.5 billion (US$33 billion). Nearly US$115 billion of these combined allocations will go to emerging market and developing countries, including about US$20 billion to low-income countries (LICs), thereby providing an important boost to the reserves of countries with the greatest needs.

Download or read book The Financial Cost of Using Special Drawing Rights Implications of Higher Interest Rates written by Mr. Neil Shenai and published by International Monetary Fund. This book was released on 2023-09-15 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the August 2021 SDR allocation, the SDR interest rate has risen about 390 basis points through end-June 2023. This paper analyzes the impact of higher SDR interest rates on IMF members with negative net SDR Department positions. To do so, it constructs SDR forward curves at different points in time, from which the expected cost of servicing SDR obligations can be compared. Results show that the expected path of the SDR interest rate has shifted significantly upward since the 2021 allocation. Expected costs of charges (interest) in net present value terms are estimated to have more than tripled, while the grant element of SDRs has fallen to just below the IMF’s concessionality threshold. Despite this increase in cost, IMF members’ capacity to service SDR obligations remains generally adequate in both baseline and stress scenarios, though a few countries will need to carefully manage the rise in interest costs. Decisions to convert SDRs should consider interest rate risks, among other country-specific factors.

Download or read book 2021 Special Drawing Rights Allocation Ex Post Assessment Report written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2023-08-29 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report follows up on the impact of the historic $650 billion 2021 SDR allocation on the global economy, documenting IMF members' use of the allocation and assessing its economic effects. The report finds that the allocation was beneficial for the global economy, helping meet the long-term global need for reserves and supporting market confidence. Members used the allocation mostly to increase international reserve buffers, with some emerging market and developing countries also using it to meet fiscal and external financing needs. While SDR interest costs have increased, members’ capacity to service SDR obligations remains generally adequate. Members’ use of the allocation was mostly in line with Fund advice, and the transparency and accountability of SDR holdings and use has been broadly appropriate, although some gaps remain. Voluntary SDR channeling from economically stronger to more vulnerable members has helped amplify the benefits of the allocation.

Download or read book The Future of the SDR in Light of Changes in the International Monetary System written by Mr.James M. Boughton and published by International Monetary Fund. This book was released on 1996-09-26 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book edited by Michael Mussa, James M. Boughton, and Peter Isard, records the proceedings of a seminar held at the IMF in March 1996 on the future of the special drawing right (SDR), given changes in the international monetary system since the inception of the SDR. The seminar focuses on the differences in opinion in the international community on the desirability or feasibility of an additional allocation of SDRs.

Download or read book Enhancing International Monetary Stability A Role for the SDR written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2011-07-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SDR has enjoyed renewed attention lately in the context of debates on international monetary reform. To be sure, the term SDR has been used to refer to three different concepts—(i) a composite reserve asset created in 1969: the “official SDR” as defined in the Fund’s Articles; (ii) a potential new class of reserve assets: tradable SDRdenominated securities issued by the Fund or an investment vehicle backed by a subset of the Fund’s membership; and (iii) a unit of account, which could be used to price internationally traded assets (e.g., sovereign bonds) and goods (e.g., commodities), to peg currencies, and to report balance of payments data. All three are discussed in this paper.

Download or read book Review of the Method of Valuation of the SDR written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2010-10-26 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides the basis for the quinquennial review of the method of valuation of the SDR, and the financial instruments used to determine the SDR interest rate. Under the governing Board decisions, the new SDR valuation and interest rate baskets would come into effect on January 1, 2011. The review examines developments during the 2005–09 period in the variables relevant to the SDR valuation. These variables include exchange rates, exports of goods, services and income, and reserve holdings. Data for exports of goods and services show China has become the third largest exporter among Fund members and monetary unions including Fund members. Nonetheless, indicators such as reserves and international banking and debt securities suggest that the currencies in the current SDR basket continue to predominate in international financial transactions, and these currencies also account for the bulk of global foreign exchange turnover. At this time, the Chinese renminbi would not appear to meet the criteria for being determined by the Fund to be a freely usable currency, which is also required for inclusion in the SDR basket.

Download or read book Foreign Assistance and Related Programs Appropriations for 1981 written by United States. Congress. House. Committee on Appropriations. Subcommittee on Foreign Operations and Related Programs and published by . This book was released on 1980 with total page 912 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book International Monetary Collaboration written by Edwards and published by Martinus Nijhoff Publishers. This book was released on 2023-09-29 with total page 846 pages. Available in PDF, EPUB and Kindle. Book excerpt: Winner of the 1985 American Society of International Law Certificate of Merit

Download or read book Repair Station Internal Evaluation Programs written by United States. Federal Aviation Administration and published by . This book was released on 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book IMF Financial Operations 2018 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2018-04-18 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: IMF Financial Operations 2018 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and provides background detail on the financial statements. It reviews the IMF's three main activities: lending, surveillance, and technical assistance.

Download or read book Current Developments in Monetary and Financial Law Volume 2 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-10-20 with total page 886 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers published in this volume are based on an IMF seminar held in 2000 that covered a broad range of topics on monetary and financial law, such as the liberalization of capital movements, data dissemination, responsibilities of central banks, and the IMF’s goals in financial surveillance and architecture. Participants addressed recent issues in the financial sector, including those related to payment systems and supervision of financial institutions. Updates dealt with Internet banking, bank secrecy, and currency arrangements-including dollarization. Participants discussed the recent activities of the other international financial institutions, which included the European Central Bank and the International Finance Corporation. Prevention of financial crises was also discussed, with reference to the distinct roles of the IMF and the private sector.

Download or read book By Laws Rules and Regulations 2011 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2013-05-29 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes by-laws of the IMF. These by-laws state that special meetings of the Board of Governors may be called at any time by the Board of Governors or the Executive Board and shall be called upon the request of fifteen members of the IMF or of members of the IMF having in the aggregate one-quarter of the total voting power. Whenever any member of the IMF requests the Executive Board to call a special meeting of the Board of Governors, then the member shall state the reasons.

Download or read book By Laws Rules and Regulations 2022 written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2022-01-07 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume sets out the IMF’s By-Laws, which are adopted under the authority of, and are intended to be complementary to, the IMF’s Articles of Agreement, which are considered to prevail in the event of any conflict. The By-Laws cover a number of topics, including the size and composition of the IMF’s Board of Governors and Executive Board, applications for IMF membership, IMF quotas, voting rights, staff regulations, and the IMF’s Special Drawing Rights.

Download or read book By Laws Rules and Regulations 2016 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-04-16 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes by-laws of the IMF. These by-laws state that special meetings of the Board of Governors may be called at any time by the Board of Governors or the Executive Board and shall be called upon the request of fifteen members of the IMF or of members of the IMF having in the aggregate one-quarter of the total voting power. Whenever any member of the IMF requests the Executive Board to call a special meeting of the Board of Governors, then the member shall state the reasons.